In monopolistic competition, there are
A) many firms making a differentiated product.
B) a few firms making a differentiated product.
C) many firms making an identical product.
D) a few firms making an identical product.
A
You might also like to view...
Based on the table above which shows Chip's costs, if rice sells for $600 a ton, Chip will
A) shut down because he incurs an economic loss. B) shut down because the price is below his minimum average variable cost. C) stay open because he makes an economic profit. D) stay open because the price is above his minimum average variable cost.
When a household owns shares of stock, _____
a. it has ownership rights in that firm b. it is entitled to the majority of the firm's profits c. it is liable to bear the entire loss faced by the firm d. it can consume the firm's products without paying for it e. it is responsible for correcting any defect in the product identified by the customers