A monopolistically competitive market is described as one in which there are
A) a few firms producing an identical product.
B) a large number of firms selling similar, but not identical, products.
C) a few firms producing differentiated products.
D) one large firm and many small firms producing identical products.
Answer: B
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The above table gives the market demand and market supply schedules for soda. What is the minimum price that producers are willing to accept for the 400th can of soda?
A) $0.40 per can B) $0.50 per can C) $0.60 per can D) $0.70 per can
The fundamental invention underpinning the 1995-2012 rise in the average rate of productivity growth is the:
A. microchip. B. fuel cell. C. Internet. D. personal computer.
If the first worker produces ten custom picture frames a day, and the second worker produces twelve additional custom picture frames a day, then diminishing marginal returns have not yet set in.
Answer the following statement true (T) or false (F)
In every economic system, choices must be made because resources are:
A)Unlimited, but economic wants are limited B)Limited, and so are economic wants C) Finite, but economic wants are insatiable D)infinite, but econmic wants are finite