27) The market structure in which natural or legal barriers prevent the entry of new firms and a small number of firms compete is A) oligopoly. B) monopolistic competition. duopoly. D) monopoly. E) perfect competition.

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Keith LeannonLv2

19 Nov 2018

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25. One difference between perfect competition and monopolistic competition is A) firms in a perfectly competitive market produce similar but slightly different products. B) in perfect competition, the product produced has no close substitutes. C) monopolistic competition has barriers to entry, whereas perfect competition has none. D) a small number of firms compete in a monopolistically competitive market and a large number of firms compete in a perfectly competitive market. E) firms in monopolistic competition have some degree of market power.

In which of the following market structures can firms be price makers?

a. monopoly, monopolistic competition, and oligopoly.

b. perfect competition, monopolistic competition, and oligopoly.

c. monopoly, perfect competition, and oligopoly.

d. monopoly, monopolistic competition, and perfect competition.