Which of the following statements is correct?
a. Monopolistic competition is similar to monopoly because both market structures are characterized by firms being price makers rather than price takers.
b. Monopolistic competition is similar to perfect competition because both market structures are characterized by differentiated products.
c. Monopolistic competition is similar to oligopoly because both market structures are characterized by strategic interaction between firms in the market.
d. Monopolistic competition is similar to perfect competition because both market structures are characterized by perfectly elastic demand curves for firms.
a
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Which age householder group's mean income among the following was the highest in 2010?
A) 15-25 years old B) 25-34 years old C) 45-54 years old D) 65 years and older
What is a black market and how does it influence the market for rental housing if a rent ceiling creates a housing shortage? What determines the level of the black market rent?
What will be an ideal response?