In monopolistic competition there is/are
A) only one seller who faces a downward-sloping demand curve.
B) many sellers who each face a perfectly elastic demand curve.
C) a few sellers who each face a downward-sloping demand curve.
D) many sellers who each face a downward-sloping demand curve.
D
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An increase in both supply and demand causes which of the following?
a. Equilibrium price falls. b. Equilibrium price rises. c. Equilibrium price change is indeterminate. d. Equilibrium quantity decreases. e. Equilibrium quantity change is indeterminate.
Which of the following is true of a country that does not engage in trade? a. It can produce all of what the citizens within the country want
b. The country has an infinite stock of resources. c. The country will eventually reach its limit in the number of goods it is able to manufacture. d. The production of goods within the country does not involve opportunity costs.