Which of the following is always associated with monopolistic competition?
A. identical products
B. economic profits in the short run
C. product differentiation
D. Demand curves become more inelastic as new entry occurs.
Answer: C
Economics
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Firms want to capture consumer surplus
Indicate whether the statement is true or false
Economics
The one characteristic that is not associated with a pure public good is
a. consumption of the good by one person doesn't prevent its consumption by others b. the market produces less than the socially optimal quantity c. no one can be excluded from consuming the good d. the good can only be produced by the government e. that even if one consumes more of it, there is still the same amount for others to consume
Economics