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What happens to a monopolistically competitive firm that begins to charge an excessive price for its product? a. The firm will go out of business. b. Consumers will substitute a rival’s
product. c. Consumers will boycott the product. d. The government will regulate the price.
Consumers may boycott the product, but more likely the answer would be D. The government will regulate the price.
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Original conversation
User: What happens to a monopolistically competitive firm that begins to charge an excessive price for its product? a. The firm will go out of business. b. Consumers will substitute a rival’s product. c. Consumers will boycott the product. d. The government will regulate the price.

Weegy: Consumers may boycott the product, but more likely the answer would be D. The government will regulate the price.
debnjerry|Points 46842|

User: What is the definition of an oligopoly? a. one firm producing 95 percent of the output b. two to four firms producing 70 percent to 80 percent of the output c. eight to ten firms producing 60 percent to 70 percent of the output d. eight to ten firms producing 90 percent of the output

Weegy: ol?i?gop?o?ly/??li?g?p?l?/ Noun: A state of limited competition, in which a market is shared by a small number of producers or sellers. [ ]
jonsyg|Points 1084|

User: Sunshine Island has three large supermarkets that supply most of the groceries for the island’s population. How would you describe the market for groceries on Sunshine Island? a. perfect competition b. cartel c. oligopoly d. monopoly



Weegy: Sunshine Island has three large supermarkets that supply most of the groceries for the island’s population. Oligopoly is the best description of the market for groceries on Sunshine Island.
Expert answered|emdjay23|Points 1379|

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Asked 5/13/2013 2:07:36 PM
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