exam four sample questions chapters 12 14 multiple choice choose the one alternative that best completes the statement or answers the question 1 what is the difference between perfect competition ...
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...Exam four sample questions chapters multiple choice choose the one alternative that best completes statement or answers question what is difference between perfect competition and monopolistic a has large number of small firms while does not b in produce identical goods slightly different c no barriers to entry d market type known as almost free from earn profits highly competitive find it impossible an economic profit long run dominated by fierce advertising campaigns marked continuously trying change their products so consumers prefer product competitors which following types all selling buyers do care firm they buy oligopoly monopoly characterized except well informed sellers with respect prices restrictions on into exit industry considerable individual example perfectly diamonds athletic shoes soft drinks farming fewest sell similar but only few competing decision make short than s price charge for whether enter maximizing level output how much spend sales promotion maximizes decid...