1. Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of...
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1. Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Price is equal to marginal cost Few sellers Price taker Identical products Perfectly Competitive Market Monopolistically Competitive Market U U n U 0 0 1. Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Price is equal to marginal cost Few sellers Price taker Identical products Perfectly Competitive Market Monopolistically Competitive Market U U n U 0 0
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