Question
Question 1
Question 2
Question 3
Question 4
Question 5
A) In the market for strawberries, individual firms face no barriers to entry, sell a homogeneous product, and have no control over the market price. This market is best described as a _____. (1 point)
monopolistically competitive market
monopoly
oligopoly
perfectly competitive market
A) Which of the following is a barrier to entry that might be faced by a firm? (1 point)
low input prices
a high market equilibrium price
licensing requirements
shortage
A) The demand curve faced by firms in a perfectly competitive market is horizontal to reflect the fact that _____. (1 point)
individual firms are unable to influence the market price
individual firms offer a homogeneous product
individual firms are capable of influencing the market price
individual firms offer a differentiated product
A) Monopolistically competitive markets and perfectly competitive markets share some similarities but differ in a number of ways. One such difference between the two is that monopolistically competitive
firms _____. (1 point)
feature differentiated products
face some barriers to entry
feature homogeneous products
face no barriers to entry
A) A health-care firm is looking to expand to international markets in an effort to increase profits. One potential location has only a few competing health-care providers, each holding a significant
percentage of market share. Licensing requirements are high, but the firm may consider establishing a presence in the new location to enjoy _____. (1 point)
the high prices that arise from monoplistic competition
the high prices that arise from perfect competition
the downward-sloping demand curves
the horizontal demand curves
Question 2
Question 3
Question 4
Question 5
A) In the market for strawberries, individual firms face no barriers to entry, sell a homogeneous product, and have no control over the market price. This market is best described as a _____. (1 point)
monopolistically competitive market
monopoly
oligopoly
perfectly competitive market
A) Which of the following is a barrier to entry that might be faced by a firm? (1 point)
low input prices
a high market equilibrium price
licensing requirements
shortage
A) The demand curve faced by firms in a perfectly competitive market is horizontal to reflect the fact that _____. (1 point)
individual firms are unable to influence the market price
individual firms offer a homogeneous product
individual firms are capable of influencing the market price
individual firms offer a differentiated product
A) Monopolistically competitive markets and perfectly competitive markets share some similarities but differ in a number of ways. One such difference between the two is that monopolistically competitive
firms _____. (1 point)
feature differentiated products
face some barriers to entry
feature homogeneous products
face no barriers to entry
A) A health-care firm is looking to expand to international markets in an effort to increase profits. One potential location has only a few competing health-care providers, each holding a significant
percentage of market share. Licensing requirements are high, but the firm may consider establishing a presence in the new location to enjoy _____. (1 point)
the high prices that arise from monoplistic competition
the high prices that arise from perfect competition
the downward-sloping demand curves
the horizontal demand curves
Answers
Answered by
GPT-4o mini
1. In the market for strawberries, individual firms face no barriers to entry, sell a homogeneous product, and have no control over the market price. This market is best described as a **perfectly competitive market**.
2. Which of the following is a barrier to entry that might be faced by a firm? **licensing requirements**.
3. The demand curve faced by firms in a perfectly competitive market is horizontal to reflect the fact that **individual firms are unable to influence the market price**.
4. Monopolistically competitive markets and perfectly competitive markets share some similarities but differ in a number of ways. One such difference between the two is that monopolistically competitive firms **feature differentiated products**.
5. A health-care firm is looking to expand to international markets in an effort to increase profits. One potential location has only a few competing health-care providers, each holding a significant percentage of market share. Licensing requirements are high, but the firm may consider establishing a presence in the new location to enjoy **the high prices that arise from monopolistic competition**.
2. Which of the following is a barrier to entry that might be faced by a firm? **licensing requirements**.
3. The demand curve faced by firms in a perfectly competitive market is horizontal to reflect the fact that **individual firms are unable to influence the market price**.
4. Monopolistically competitive markets and perfectly competitive markets share some similarities but differ in a number of ways. One such difference between the two is that monopolistically competitive firms **feature differentiated products**.
5. A health-care firm is looking to expand to international markets in an effort to increase profits. One potential location has only a few competing health-care providers, each holding a significant percentage of market share. Licensing requirements are high, but the firm may consider establishing a presence in the new location to enjoy **the high prices that arise from monopolistic competition**.