In general there is an ___relationship

Please answer the following:1. In general there is an __________ relationship between height/strength of the barriers and the number of firms in an industrya.directb.inversec.constantd.random2. The main differences between perfect competition and monopolistic competition isa. the number of sellers in a marketb. the ease of exit from the marketc. the difference in the firms profits in the long rund. the degree of product differentiation3. Mutual interdependence occurs whena. all firms in an industry are effected by the same macro-economic conditions, such as a recession, inflation, interest rates, exchange rates etc…b. the actions of the firms are interdependent of one anotherc. the actions of one firm in an industry are easily recognized and perhaps copied by othersd. Monopolistic recognize that they must face eventual competition in the long run4. Firms in monopolistic competition would a. persistently realize economic profits in both the short and long runb. May realize economic profits in the long run and normal profits in the short runc. tend to incur persistent losses in both the short and long rud. tend to realize economic profits in the short run and normal profits in the long run.

 

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