Which of the following statements best describes firms under monopolistic competition?
a. There is little price or quality competition.
b. The firms compete, using quality, location, advertising, and price.
c. Firms do not compete using advertising.
d. There is little competition between firms.
b
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Households and firms in the U.S. economy interact with those in the rest of the world in the ________ market and in the ________ market
A) goods; factor B) goods; financial C) government; goods D) financial; factor E) firm; government
Refer to Figure 3-4. If the price is $25
A) there is a shortage of 300 units. B) there is a shortage of 200 units. C) there is a surplus of 200 units. D) there is a surplus of 300 units.
Almost 85% of American firms have less than
a. 20 employees. b. 100 employees. c. 500 employees. d. 1,000 employees.