Which of the following is least accurate regarding product development and marketing for firms under monopolistic competition
A: Firms that bring new and innovative products to the market face relatively more elastic demand curves than their competitors.
B: Relative to other types of competition, product innovation is critical to the pursuit of economic profits.
C: Advertising is necessary to communicate the uniqueness of the firm’s products relative to its competitors.
A: Firms that bring new and innovative products to the market face relatively more elastic demand curves than their competitors.
B: Relative to other types of competition, product innovation is critical to the pursuit of economic profits.
C: Advertising is necessary to communicate the uniqueness of the firm’s products relative to its competitors.
举一反三
- Which of the following statements is most accurate regarding the characteristics of a perfectly competitive market A: Firms" products are different. B: The competitors never earn economic profits. C: Barriers to entry into the market are nonexistent.
- Because economic profits are eliminated in the long run in monopolistic competition, to make an economic profit, firms continuously develop and market new products。(<br/>)
- In perfect competition, ________. A: there are restrictions on entry into the market B: firms in the market have advantages over firms that plan to enter the market C: only firms know their competitors' prices D: there are many firms that sell identical products
- Under the monopolistic competition, there are many competitors in the market. But each firm sells a slightly different product, which can form some market leaders. Each firm makes independent decisions about price and output.
- Which of the following characteristics is common to monopolistic competition and perfect competition? A: Firms produce identical products. B: Entry barriers into the industry are low. C: Each firm faces a downward-sloping demand curve. D: Firms take market prices as given.