A monopolistically competitive market is characterized by:
a. one firm selling a unique product.
b. many firms selling identical products.
c. many firms selling similar but differentiated products.
d. few firms selling identical products.
e. few firms selling similar but differentiated products.
c
Economics
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A minimum wage set above the equilibrium wage rate is a price
A) ceiling that results in a shortage of low-skilled labor. B) ceiling that results in a surplus of low-skilled labor. C) floor that results in a shortage of low-skilled labor. D) floor that results in a surplus of low-skilled labor.
Economics
Briefly explain the concept of opportunity cost. What is the opportunity cost of attending college?
What will be an ideal response?
Economics