1) A good real-world example of monopolistic competition isA. lawyersB. gas stat

1) A good real-world example of monopolistic competition isA. lawyersB. gas stations C. Time Warner CableD. groceries stores2 An industry comprising a small number of firms each of which considers the potential reactions of its rivals in making price-output decisions is calledA. monopolistic competitionB. oligopolyC. pure monopolyD. pure competition3) In which of the following industries are economies of scale exhausted at relatively low levels of outputA. Aircraft productionB. Automobile manufacturingC. Concrete mixingD. Newspaper printing4) The average cost curves (AVC and ATC) should be minimizedA. where MC = ATC and MC = AVCB. where FC = ATC and FC = AVCC. where TC starts to increase at a faster rateD. where ATC = AVC