In general, what happens to the number of firms in an industry when a dominant design emerges?Group of answer choicesThe number of firms in the industry is unpredictableThe number of firms in the industry increasesThe number of firms in the industry remains the sameThe number of firms in the industry decreases

In perfect competition, if the market price of the product is initially higher than the minimum average total cost faced by the firms, thenMultiple Choicesome firms will exit the industry and the industry supply will decrease.other firms will enter the industry and the industry supply will increase.some firms will exit the industry and the industry supply will increase.other firms will enter the industry and the industry supply will decrease.

When an industry is a natural monopoly,Group of answer choicesa larger number of firms will lead to a higher average total cost.it is characterized by constant returns to scale.it is characterized by diseconomies of scale.a larger number of firms may lead to a lower average total cost.

If firms in a monopolistically competitive industry are making losses:Group of answer choicesthey will likely be subject to regulationthey ought to form a cartelnew firms will enter the marketsome firms will exit the market

Multiple Choice QuestionIn monopolistically competitive industriesMultiple choice question.competition is unlikely because there is a large number of firms.price fixing is unlikely because there is a small number of firms.restricting output is unlikely because there is a small number of firms.collusion is unlikely because there is a large number of firms.competition is unlikely because there is a small number of firms.Need help? Review these concept resources.

In which market structure do firms exist in very large numbers, each firm produces an identical product, and there is freedom of entry and exit? amonopoly boligopoly cperfect competition d