Question

1) Monopolies and monopolistically competitive firms differ in that monopolies:

Answer 1

Answer:

1. b) different their products,

2.a) face competition from many other firms ,

3. c) participate in markets where barriers to entry are present,

4. b) Within walking distance from your home, there are a plethora of fast-food restaurants including Koala Express, Cabo Bob's Burritos, Oodles of Noodles, and Hanzo's Hearty Hamburgers

Explanation:

• The monopolies and the monopolistically competitive firms differ in terms of the monopolies as on the process of the differentiation.

• The firm n the monopolistic competition differs from the perfect competition based on they are price takers and the monopoly is price makers.

• An oligopoly market is a small number of relatively larger firms. where significant barriers to entry exist.

• The example of the monopolistic competition exists in the firm of the restaurant business. Hotels and pubs.