Monopolistic competition is a market structure in which
A) a small number of firms compete.
B) firms produce identical products.
C) firms compete only on product price.
D) firms are free to enter and exit the market.
D
Economics
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Which of the following statements is true about public goods?
a. They are always produced by the government. b. The market-determined output is efficient. c. The government can hire a private entity to produce a public good. d. Nonexcludability is sufficient condition for a good to classified as a public good.
Economics
A change in supply cannot be caused by a change in
a. resource prices b. technology c. prices of other goods d. the price of the good itself e. the number of suppliers
Economics