In a monopolistically competitive industry, the competitive element results from ____ and the monopoly element results from ____.
a. product differentiation; substantial barriers to entry
b. a large number of firms and free entry; product differentiation.
c. advertising; product differentiation.
d. product differentiation; the small number of large producers.
b
Economics
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When economists state that the opportunity cost of a product increases as more of it is produced, what do they mean? For instance, what is the opportunity cost? And, where in a PPF diagram does this statement apply and where does it not apply?
What will be an ideal response?
Economics
A black market is also known as a(n) ________ economy
A) open B) closed C) underground D) emerging
Economics