Monopolistic competition differs from perfect competition primarily because in
A. monopolistic competition, entry into the industry is blocked.
B. monopolistic competition, there are relatively few barriers to entry.
C. monopolistic competition, firms can differentiate their products.
D. perfect competition, firms can differentiate their products.
Answer: C
You might also like to view...
Increasing the capital available to the workforce, holding other factors constant, tends to ________ total output while ________ labor productivity.
A. decrease; increasing B. increase; decreasing C. increase; not changing D. increase; increasing
Gross domestic product is the
A) value of the final goods and services produced in a country during a specific time. B) total amount that buyers spent on the final goods and services produced in a country during a specific time. C) total amount of income earned in producing the final goods and services in a country during a specific time. D) All of the above answers are correct.
The firm in the figure above is in monopolistic competition. It will set a price equal to
A) $1. B) $2. C) $3. D) more than $3.
Each year, the United States exports about 50 percent of its wheat crop
Indicate whether the statement is true or false