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In monopolistic competition:A. Firms are more aware of their strategic independenceB. Firms earn large economic profits in the long runC. Each firm produces a product identical to that of every other firm in the industryD. Firms earn zero economic profits in the long run
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- The practice of selling the same product at different prices at different markets, without corresponding differences in cost, is:a. price discriminationb. output prioritizing c. privatizingd. monopolizing
- Monopolistic competitors often hire a celebrity spokesperson to advertise their product. One explanation for why such advertising works is that:A. Celebrities encourage other firms to enter the industryB. The fact that the firm is willing to pay the large fees associated with celebrity advertising signals consumers that it is a major company and that it is therefore likely to have a reliable product.C. consumers assume that the celebrity has researched the product and that the claims being made on his or her behalf are true.D.celebrities are better informed about the relative merits of different products than the rest of us.