Monopolistic competition describes a market with:
A. many firms that sell goods and services that are standardized.
B. many firms that sell goods and services that are similar, but slightly different.
C. few firms that sell goods and services that are standardized.
D. few firms that sell goods and services and some barriers to entry.
Answer: B
Economics
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If total spending is greater than the value of output, firms will
a. cut prices. b. decrease production levels. c. tend to raise prices. d. see inventories rise.
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