If There Are a Large Number of Firms in a Monopolistically

question 43

Multiple Choice

If there are a large number of firms in a monopolistically competitive industry

• A) the country in which the firms are located can be expected to export the goods they produce.
• B) long-run profit will be equal to zero.
• C) there will be a small number of firms that are very large and the rest will be very small.
• D) the firms will converge production on a standardized product.
• E) there will be barriers to entry that prevent additional firms from entering the industry.

---

Definitions:

Situationist Argument

A perspective in social psychology that suggests human behavior is largely influenced by situational factors and the immediate environment rather than by personal traits or motivations.

Personality Researchers

Scientists and scholars who study the characteristics and behaviors that make individuals unique, often examining how factors like genetics, environment, and societal expectations influence personality development.

Responses

Reactions or answers to a particular process or situation, which can be verbal, non-verbal, or through actions.

Mischel's Review

A critical analysis by psychologist Walter Mischel of personality theory, emphasizing the variability of human behavior with situations rather than the consistency across different situations.