20. Which of the following is an illustration of differentiated oligopoly?

C. the soft drink industry
D. retail stores in large cities
24. In which of the following market models do demand and marginal revenue diverge?
A. pure monopoly, oligopoly, and monopolistic competition
C. pure monopoly only
D. oligopoly only
25. The more elastic a monopolistic competitor's long-run demand curve, the:
A. greater its excess capacity.
B. the higher its price relative to that of a pure competitor having the same cost curves.
C. lower its long-run profit.
D. lower its average total cost at its profit maximizing level of output.
26. The kinked-demand curve model helps to explain price rigidity because:
A. there is a gap in the marginal revenue curve within which changes in marginal cost will not affect output or price.
C. the model assumes firms are engaging in some form of collusion.

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