firms in a monopolistically competitive market A “One might expect firms in a monopolistically compe

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firms in a monopolistically competitive market

A

“One might expect firms in a monopolistically
competitive market to experience greater swings in the price of their products
over the business cycle than those in an oligopoly market However,
fluctuations in profits do not necessarily follow the same pattern”
Discuss this statement

B

Market Structure Concepts: Indicate whether each of the
following statements is True or False and explain why

1 Equilibrium in monopolistically competitive markets
requires that firms be operating at the minimum point on the long-run average
cost curve

2 A high ratio of distribution cost to total cost tends to
increase competition by widening the geographic area over which any individual
producer can compete

3 The price elasticity of demand tends to fall as new
competitors introduce substitute products

4 An efficiently functioning cartel achieves a monopoly
price / output combination

5 An increase in product differentiation tends to increase
the slope of firm demand curves

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