One very important feature of a monopoly is the size of the firm.
23. Oligopolies are known for the mutual interdependence of firms.
24. Two goods belonging to the same market have cross elasticities less than three.
25. In perfect competition, entry and exit are difficult, but goods are homogeneous.
26. In the real world, perfectly competitive markets are very few. Most markets are
monopolistically competitive or oligopolistic.
27. Brand loyalty is a phenomenon associated with perfectly competitive markets.
28. Advertising is used by firms to increase their price elasticities of demand.
29. As firms gain market share, industries become more competitive.
30. When considering the definition of “monopolistic competition,” it is wise to place
emphasis upon the first word as it most nearly describes market performance within this
31. The relevant market for a firm consists only of firms operating within the same industry.
32. Price elasticity of demand is a useful tool for classifying firms that exist within the same
33. Market power refers to the ability of a firm to set its product price.
34. Monopolies and oligopolies are similar in that both owe their existence to government
intervention in the marketplace.
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