A major difference between monopolistic competition and perfect competition is
A) the number of sellers in the markets.
B) the degree by which the market demand curves slope downwards.
C) that products are not standardized in monopolistic competition unlike in perfect competition.
D) the barriers to entry in the two markets.
Answer: C
You might also like to view...
Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Borda-count method, where if a town gets ranked #1, it gets 3 points per vote, a town ranked #2 gets 2 points per vote,
a town ranked #3 gets 1 point per vote, and a town ranked #4 gets no points per vote. With this method, the town that gets the greatest number of points is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
Rhonda has started a new job that almost doubles her income. She walks past the inexpensive ramen in the grocery store and thinks, “Well, I don’t have to eat that anymore!” Instead, she purchases some fresh vegetables and a steak. To Rhonda, the ramen falls into the category of _____________, because now that she can afford better, she doesn’t want it.
a. normal goods b. temporary goods c. inferior goods d. nonutility goods
Which of the following is most important if the living standards of people residing in a country are going to improve?
What will be an ideal response?
The discovery and utilization of vast, previously unknown oil and mineral deposits in a country will increase:
A. the unemployment rate. B. average labor productivity. C. the share of the population employed. D. the quantity of human capital.