Which of the Following Is True of Firms in Monopolistic

question 61

Multiple Choice

Which of the following is true of firms in monopolistic competition and perfect competition?

• A)Firms face a horizontal demand curve.
• B)Price exceeds marginal revenue.
• C)Firms can enter and leave the industry with relative ease.
• D)Price exceeds marginal cost.
• E)Products are differentiated.

Know how to calculate the standard deviation of a population given a sample.

Understand the importance of the normal distribution assumption in confidence interval estimation.

Understand the key factors influencing migration patterns to the United States in the late 19th century.

Identify the impact of industrialization and urbanization on American society.

---

Definitions:

Court of International Trade

The Court of International Trade is a federal court in the United States that deals with cases involving international trade and customs laws.

Worldwide Jurisdiction

The assertion of legal authority to prosecute or impose legal judgments regardless of geographical boundaries.

International Trade

The exchange of goods and services between countries, vital for the global economy, driven by comparative advantage, and subject to regulations and tariffs.

Customs Issues

Problems or disputes that arise in the process of importing or exporting goods, often related to the payment of tariffs, adherence to regulations, or the classification of goods.