Business, 20.03.2020 07:21 janellesteele5918

Monopolies and monopolistically competitive firms differ in that monopolies face competition from many other firms. participate in markets where barriers to entry are present. differentiate their products. Which of the following makes monopolistic competition different than perfect competition? Monopolistically competitive firms participate in markets where barriers to entry are present face competition from many other firms differentiate their products In comparison to oligopolies, firms in monopolistic competition differentiate their products. participate in markets where barriers to entry are present. face competition from many other firms. Which scenario is an example of an industry in monopolistic competition? Sprint, AT&T, Verizon, and T-Mobile own a large portion of the U. S. cellular market share. The local gas company owns all of the gas lines that supply natural gas and heating to the residents in the town of Madison, Wisconsin. Within walking distance from your home, there are a plethora of fast-food restaurants including Koala Express, Cabo Bob's Burritos, Oodles of Noodles, and Hanz's Hearty Hamburgers. Farmers grow navel oranges throughout the United States.

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Answer from: fernandoramirez086

Difference between monopoly and monopolistic competition:

participate in markets where barriers to entry are present.

Difference between monopolistic competition and perfect competition:

differentiate their products

Difference between monopolistic competition and oligopoly:

Face competition from many other firms

Within walking distance from your home, there are a plethora of fast-food restaurants including Koala Express, Cabo Bob's Burritos, Oodles of Noodles, and Hanz's Hearty Hamburgers

Explanation:

A monopoly is when there's only one firm operating in the industry. There are usually high barriers to entry or exit of firms into the industry. The monopoly sets market price and earns economic profit in the long run and short run.

A perfect competition is characterised by many buyers and sellers of homogenous goods and services produced. There are no barriers to entry and exit of firms into the industry. Market price are set by the forces of demand and supply. In the long run, the seller makes zero economic profit.

A monopolistic competition has features of a monopoly and perfect competition. The market is characterised by many buyers and sellers of differentiated goods. Sellers set the market price for their goods. Sellers usually engage in non price competition.

An oligopoly is characterised by few large firms. There are high barriers to entry and exit of firms.

Farmers grow navel oranges throughout the United States is an example of perfect competition

Sprint, AT&T, Verizon, and T-Mobile own a large portion of the U.S. cellular market share. - this is an example of an oligopoly

The local gas company owns all of the gas lines that supply natural gas and heating to the residents in the town of Madison, Wisconsin.- this is an example of A monopoly

I hope my answer helps you

Answer from: Quest

answer a is correct answer

Answer from: Quest

answer; by looking at total product,marginal product,and changes in both after changes in inputs

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