In the context of market structure, the characteristic that best describes a monopolistically competitive market is that:
a. there are few firms in the market.
b. the products produced cannot be easily differentiated.
c. entry and exit are both difficult.
d. firms spend a great deal on advertising and promotion.
e. firms spend very little on advertising and promotion.
d
Economics
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The money cost of a particular good will approximate its opportunity cost if
a. there are serious distortions in the market. b. the market functions well. c. there is much specialization in the market. d. nations are exploiting the law of comparative advantage.
Economics
Total utility decreases when diminishing marginal utility is present
a. True b. False Indicate whether the statement is true or false
Economics