question 6\nin monopolistic competition, if a firm produces a highly desirable product relative to its…

question 6\nin monopolistic competition, if a firm produces a highly desirable product relative to its competitors, the firm will be able to raise its price without losing any customers.\ntrue\nfalse\n\nquestion 7\na major difference between monopolistic competition and perfect competition is\nthe number of sellers in the markets.\nthe degree by which the market demand curves slope downwards.\nthat products are not standardized in monopolistic competition unlike in perfect competition.\nthe barriers to entry in the two markets.

question 6\nin monopolistic competition, if a firm produces a highly desirable product relative to its competitors, the firm will be able to raise its price without losing any customers.\ntrue\nfalse\n\nquestion 7\na major difference between monopolistic competition and perfect competition is\nthe number of sellers in the markets.\nthe degree by which the market demand curves slope downwards.\nthat products are not standardized in monopolistic competition unlike in perfect competition.\nthe barriers to entry in the two markets.

Answer

Brief Explanations:

In monopolistic competition, firms face a downward - sloping demand curve. Even if a firm has a highly desirable product, raising the price will lead to some customers switching to other substitutes, so the answer to Question 6 is False. In perfect competition, products are homogeneous (standardized), while in monopolistic competition, products are differentiated (not standardized), which is a major difference, so for Question 7, the key difference is that products are not standardized in monopolistic competition unlike in perfect competition.

Answer:

Question 6: B. False Question 7: C. that products are not standardized in monopolistic competition unlike in perfect competition