1-The primary difference between Monopolistic Competition and Perfect Competition is

The ease of entry and exit into the industry

The number of firms in the market

product differentiation

The availability of information

2-Firms can have market power in:

Perfectly competitive markets

Monopolistically competitive markets

Monopolistic markets

Monopolistically competitive markets and monopolistic markets

3- A market where a few firms produce most of the output is called a(n)

oligopolistic market.

monopolistically competitive market.

perfectly competitive market.

monopolistic market.

4- Under what market structure do we have strategic play?

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

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