Successful product differentiation ____ the price elasticity of demand and gives the firm ____ ability to control its price.

____ can arise as the result of economies of scale

Examples of cartels include all the following except:

In oligopoly

“Unique resources” as a barrier to entry is exemplified in all of the following except:

Compared to a brand name firm, a firm with no obvious stake in the future has an easier time persuading potential customers that it will make good on its promises.

Economic profits are earned

Monopoly markets are more competitive than markets with monopolistic competition.

Which of the following is not an example of nonprice competition?

Most economists like perfect competition because