All of the following characteristics apply to monopolistic competition EXCEPT
A) a large number of firms compete.
B) each firm produces the same identical product.
C) firms compete on product quality, price, and marketing.
D) there are no barriers to enter or exit the industry.
B
Economics
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For the perfectly competitive broccoli producers in California, the market demand curve for broccoli is
A) a horizontal line. B) downward sloping. C) nonexistent. D) upward sloping. E) the same as the demand curve each firm faces.
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________ are guarantees of quality issued directly by either the manufacturer or the seller
A) Patents B) Trademarks C) Warranties D) Copyrights
Economics