________ a large number of firms competing by making similar but slightly different products
A) Monopoly requires
B) Perfect competition requires
C) Monopolistic competition requires
D) Oligopoly requires
E) Both perfect competition and monopolistic competition require
C
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In an Israeli factory, each worker can produce 2/5 of a shirt in an hour or 1/4 of a pair of pants in an hour. If there are 500 workers in the factory, then the maximum number of pairs of pants that can be made in an hour is
a. 120 b. 250 c. 75 d. 350 e. 300
Answer the following questions true (T) or false (F)
1. Non-price competition refers to actions that attempt to increase the demand for a product or service via product differentiation. 2. Barriers to entry are more likely to be stronger under monopolistic competition than under an oligopoly. 3. The U.S food and fiber system is one of the least regulated industries in the economy.