Which of the following characteristics of perfect competition does not apply in monopolistic competition?
a. free entry and exit
b. homogeneous products
c. numerous participants
d. perfect information
b
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From the information in the above table, calculate the marginal factor cost of the third worker
A) $24.00 B) $36.00 C) $18.00 D) $12.00
If a consumer has an income of $200, the price of X is $5, and the price of Y is $10, the maximum quantity of X the consumer is able to purchase is:
A. 20. B. 10. C. 5. D. 40.
We would expect households to have the most complete information about:
a. their own wage rate. b. products purchased occasionally like a automobile. c. the wage rate available on other jobs. d. all of the above.
Which of the following is NOT an obstacle to economic development?
A. lack of capital investment B. a free market system C. political instability D. corruption