Cross elasticity is higher the more perfect two goods are as substitutes.
12. Two goods must have infinite cross elasticities to be considered as belonging to the same
13. Market structure is determined mainly by the size of firms.
14. For a monopoly, the entry of new firms is difficult, but not impossible.
15. The goods produced by oligopolists are close substitutes.
16. As new firms enter a market, the existing firms’ demand curves will shift to the right.
17. The purpose of advertising is to shift the firm’s demand to the right.
18. Typically, perfect competitors advertise their specific goods.
19. Cross elasticity among goods in a perfectly competitive market is infinite.
20. Barriers to entry into a monopolistically competitive industry are virtually impossible to
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