The feature that distinguishes perfect competition from monopolistic competition is that perfectly competitive firms are

A. unable to differentiate their products.
B. price takers.
C. large relative to the market.
D. able to block the entry of other firms.


Answer: A

Economics

You might also like to view...

Technological innovations are not necessarily major scientific breakthroughs

Indicate whether the statement is true or false

Economics

What does the slope of the budget line equal?

What will be an ideal response?

Economics

The prisoners' dilemma is an example of

A) product differentiation. B) collusion. C) game theory. D) monopolistic competition. E) decision making in a monopoly.

Economics

If, during the negotiations between the union and the management, a lockout occurs, it would be because

a. The management is trying to convince the union that it would stick to its strategy b. The union believes the management's threat c. All of the above d. None of the above

Economics