A market tends to be monopolistic if
a. The good has too many substitutes
b. The good has very few substitutes
c. There are too many rivals
d. The good has too few complements
b
Economics
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Perfect competition and monopolistic competition are similar in that both market structures include
A) price-taking behavior by firms. B) a homogeneous product. C) no barriers to entry. D) very few firms.
Economics
A shortage occurs whenever
a. quantity demanded exceeds quantity supplied at the equilibrium price b. price is less than equilibrium price c. quantity demanded is less than quantity supplied d. goods are scarce e. some of the people who need the product are not willing and able to buy it at the equilibrium price
Economics