Asked by MARIA URIEL CIFRA on Jul 11, 2024
Verified
For the monopolistically competitive wild-caught seafood market,the demand curve for any individual firm is _____,and there are _____ producers of seafood.
A) downward sloping;few
B) upward sloping;many
C) vertical;few
D) downward sloping;many
Downward Sloping
A term often used to describe a demand curve, indicating that as the price decreases, quantity demanded increases.
Individual Firm
An individual firm refers to a single business entity that operates in a market to produce or sell goods and services.
- Absorb information regarding the distinctive characteristics of monopolistic competition, especially product differentiation and the conditions influencing market entry and exit.
- Comprehend the effects that a decreasing demand curve has on companies in markets characterized by monopolistic competition.
Verified Answer
YU
Yuliya UkhachJul 17, 2024
Final Answer :
D
Explanation :
In monopolistically competitive markets, firms have a downward-sloping demand curve because they can differentiate their products from those of competitors. There are many producers of wild-caught seafood in the market, so the answer is D.
Learning Objectives
- Absorb information regarding the distinctive characteristics of monopolistic competition, especially product differentiation and the conditions influencing market entry and exit.
- Comprehend the effects that a decreasing demand curve has on companies in markets characterized by monopolistic competition.
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