Monopolistic competition is best described as
a. many firms with some control over price, and some product differentiation
b. many firms with no control over price, producing identical products
c. a few firms with some control over price, producing highly differentiated products
d. a few firms with no control over price, producing similar products
e. a single firm producing all of the output for the industry, with strong control over price
A
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When negative externalities exist in the production of a good, the marginal social cost of producing the good:
A. is less than the marginal cost borne by the firm. B. equals the marginal cost borne by the firm minus marginal cost borne by a third party that results from the production and consumption of the good. C. equals the marginal cost borne by the firm plus the marginal cost borne by third parties from the production and consumption of the good. D. is equal to the marginal benefit received by consumers if competitive markets exist and there is no government intervention.
What is the largest category in state government spending?
A. education B. public welfare C. highways D. police and correction