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Types of Market

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  • 1. Multiple Choice
    30 seconds
    1 pt

    Which of these is NOT a characteristic of a monopolistically competitive firm?

    There are many sellers

    Firms sell differentiated products

    There is free entry and exit

    Prices are set by the buyer

  • 2. Multiple Choice
    30 seconds
    1 pt

    Which of these is the profit maximization equation of the monopolistically competitive firm in the short run?

    MR = MC

    MR = P

    MR < MC

    MR < P

  • 3. Multiple Choice
    30 seconds
    1 pt

    Which of these is the equation for economic profit?

    Variable cost + Fixed cost

    Marginal revenue - Marginal cost

    Accounting profit + Opportunity cost

    Revenue - Total costs

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