question 14 1 pts a monopolistically competitive market is described as one in which there are a few firms…

question 14 1 pts a monopolistically competitive market is described as one in which there are a few firms producing differentiated products. one large firm and many small firms producing identical products. a large number of firms selling similar, but not identical, products. a few firms producing an identical product. question 15 1 pts if the price exceeds the average variable cost but is less than the average total cost, a firm should shut down. is making some profit but less than maximum profit. should stay in business for a while longer until its fixed costs expire. should further differentiate its product.

question 14 1 pts a monopolistically competitive market is described as one in which there are a few firms producing differentiated products. one large firm and many small firms producing identical products. a large number of firms selling similar, but not identical, products. a few firms producing an identical product. question 15 1 pts if the price exceeds the average variable cost but is less than the average total cost, a firm should shut down. is making some profit but less than maximum profit. should stay in business for a while longer until its fixed costs expire. should further differentiate its product.

Answer

Brief Explanations:

In a monopolistically competitive market, there are a large number of firms selling similar but not identical products. This is due to product differentiation. For the cost - price relationship, when price exceeds average variable cost but is less than average total cost, the firm should stay in business for a while longer until its fixed costs expire as it is covering variable costs and some of the fixed costs.

Answer:

Question 14: a large number of firms selling similar, but not identical, products. Question 15: should stay in business for a while longer until its fixed costs expire.