All of the following are assumptions of monopolistic competition EXCEPT
A) many buyers and sellers.
B) homogeneous product.
C) easy entry of new firms in the long run.
D) profit-maximizing behavior.
Answer: B
Economics
You might also like to view...
Which of the following is true?
i. A rational choice is made on the margin. ii. Microeconomics is the study of the national economy while macroeconomics is the study of the global economy. iii. Economists try to understand how the economic world works by testing normative statements. A) only ii B) only i C) only iii D) i and ii E) i and iii
Economics
Define what is meant by the tax base and give an example
What will be an ideal response?
Economics