Compared to a Perfectly Competitive Firm, the Demand Curve Facing

question 224

Multiple Choice

Compared to a perfectly competitive firm, the demand curve facing a monopolistically competitive firm is

• A)more elastic because there are many close substitutes for the product of a monopolistically competitive firm.
• B)less elastic because monopolistically competitive firms produce similar, but not identical, products.
• C)just as elastic because there are many sellers in both markets.
• D)more elastic because in the long run, the demand curve is tangent to the firm's average total cost curve.

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Definitions:

Substitution Effect

The economic principle that as prices rise or incomes decrease, consumers replace more expensive items with less costly alternatives.

Dr. Pepper

A popular brand of carbonated soft drink, recognized for its unique blend of 23 flavors.

Utility-Maximizing

The economic principle where individuals or firms make choices that lead to the highest level of satisfaction or profit.

Satisfaction

The fulfillment or gratification of a need, desire, or appetite, often used in the context of consumer experiences with goods or services.