A perfectly competitive firm and a monopolistically competitive firm are similar in each of the following respects except
a. each has many buyers and sellers.
b. firms sell homogeneous products in both markets.
c. in having perfect information.
d. for freedom of exit and entry.
b
Economics
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In order to calculate the value of the marginal product of labor, a manager must know the marginal product of labor and the wage rate of the worker
a. True b. False Indicate whether the statement is true or false
Economics
In monopolistic competition, no buyer or seller has any control over the market price of a good.
Answer the following statement true (T) or false (F)
Economics