|Question||Fill in the blanks to make the following statements correct.
a. Suppose the four largest steel producers in Canada among them control 85 percent of total market sales. We would say that this industry is highly ______. We say that 85 percent is the ______ in this industry.
b. A firm that has the ability to set prices faces a ______ demand curve.
c. The theory of monopolistic competition s explain industries with a ______ number of ______ firms. The theory of oligopoly s explain industries with a ______ number of ______ firms.
d. A firm operating in a monopolistically competitive market structure maximizes profits by equating and ______. A firm that is operating in an oligopolistic market structure maximizes profit by equating ______ and ______ although its rivals’ responses to its actions will affect its ______.
e. In long-run equilibrium, and in comparison to perfect competition, monopolistic competition produces a ______ range of products but at a ______ cost per unit.