1) Monopolies and monopolistically competitive firms differ in that monopolies:
a) participate in markets where barriers to entry are present
b) different their products
c) face competition form many other firms
2) Firms in monopolistic competition____, which makes monopolistic competition different than perfect competition.
a) face competition from many other firms
b) differentiate their products
c) partitcipate in markets where barriers to entry are present
3) In comparison to oligopolies, firms in monopolistic competition,______.
a) differentiate their products
b) participate in markets where barriers to entry are present
c) face competition from many other firms
4) Which off the following scenarios is an example of an industry in monopolistic competiton?
a) Farmers growing navel organges throughout the United States
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 Hanz's Hearty Hamburgers
c) Sprint, ATT&T, Verizon, and T-Mobile own a larg portion of the U.S. cellular market share
d) The local gas company owns all of the gas lines that supply natural gas and heating to the residents in the town of Madison, Wisconsin.