Which of the following is different about perfect competition and monopolistic competition? a. In monopolistic competition, entry into the industry is unblocked. b. Firms in monopolistic competition compete on their product's price as well as its quality and marketing. c. Perfect competition has a large number of independently acting sellers. d. Only firms in monopolistic competition can earn an economic profit in the short run
Which of the following is different about perfect competition and monopolistic competition? a. In monopolistic competition, entry into the industry is unblocked. b. Firms in monopolistic competition compete on their product's price as well as its quality and marketing. c. Perfect competition has a large number of independently acting sellers. d. Only firms in monopolistic competition can earn an economic profit in the short run
Chapter14: Monopolistic Competition And Product Differentiation
Section: Chapter Questions
Problem 5P
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Question
Which of the following is different about
a.
In monopolistic competition, entry into the industry is unblocked.
b.
Firms in monopolistic competition compete on their product's price as well as its quality and marketing.
c.
Perfect competition has a large number of independently acting sellers.
d.
Only firms in monopolistic competition can earn an economic profit in the short run
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