The demand curve faced by firms in a perfectly competitive market is horizontal to reflect the fact that _____.(1 point)
Responses
individual firms are unable to influence the market price
individual firms are unable to influence the market price
individual firms offer a homogeneous product
individual firms offer a homogeneous product
individual firms offer a differentiated product
individual firms offer a differentiated product
individual firms are capable of influencing the market price
individual firms are unable to influence the market price
Monopolistically competitive markets and perfectly competitive markets share some similarities but differ in a number of ways. One such difference between the two is that monopolistically competitive firms _____.(1 point)
Responses
feature homogeneous products
feature homogeneous products
feature differentiated products
feature differentiated products
face some barriers to entry
face some barriers to entry
face no barriers to entry