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The reason a firm advertises its product is to increase demand for its product.

Unlike perfectly competitive firms, monopolistically competitive firms are facing upward-sloping demand curve.

Actions that allow oligopoly firms to coordinate their pricing behavior are called facilitating practices.

If firms could not advertise their products in any way other than to present the physical characteristics and facts pertaining to the product,

When consumers have perfect information, they will spend a lot of time shopping at different stores and perusing newspaper and magazine articles to learn about the prices and qualities of products.

Any time firms in monopolistic competition are earning above-normal profit,

All of the following are characteristics of the market for a commodity product except

Monopolistically and perfectly competitive firms are similar in that, in both markets, firms have long-run economic profits equal to zero.

Training and education typically are necessary to assist people harmed by creative destruction.

Competition benefits individuals because