Chapter 8 Section 3: Monopolistic Competitive Markets
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I. Characteristics of a Monopolistic Competitive Market
1. The market includes ______ buyers and _____ sellers *
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2. Firms produce and sell ______ _______ products *
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3. Firms have _____ entry into and exit out of the market *
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II. Monopolistic Competitive Firms are Price ______ *
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1. Monopolistic competitive firms are price ______ because they sell slightly different products *
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2. They can sell at least _____ of their product at various prices *
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III. What Do Monopolistic Competitive Firms Do?
1. Monopolistic competitive firms produce the quantity of output at which marginal _____ equal marginal _____ *
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2. Monopolistic competitive firms search for the _____ price per unit at which they can sell their entire output *
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IV. How Are Monopolistic Competitors' Products Different?
1. Monopolistic competitors' products can be different in any way that is perceived as different by _________ *
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2. How the product is package, where it is purchased from, and from ____ it is purchased, and whether it is delivered may make a difference to  consumers *
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V. Many Monopolistic Competitors Would Rather Be Monopolists
1. A monopolistic competitor may, through ____, persuade buyers that its product is much different from competitors' products. The firm then stands a better chance of becoming a monopolist *
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VI. What Matters is How Much Competition a Seller Faces
The Degree of competition that a seller faces depends on two factors
1. How close to ______ a seller's product is *
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2. How _____ it is for new sellers to enter the market *
1 point
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