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Which of the following is true regarding monopolistic competition? Ⓒa. Each firm behaves as a monopolist, but makes no profits in the long run due to competition from close substitutes Ob. Save your money, and only purchase the railroads and high-end properties on the board (i.e. red, yellow, green, and blue) Oe. There is no such thing as monopolistic competition, it is an oxymoron Od. Firms behave competitively, but they make profits in the long run because there are some barriers preventing entrepreneurs from entering the market

Which of the following is true regarding monopolistic competition? Ⓒa. Each firm behaves as a monopolist, but makes no profits in the long run due to competition from close substitutes Ob. Save your money, and only purchase the railroads and high-end properties on the board (i.e. red, yellow, green, and blue) Oe. There is no such thing as monopolistic competition, it is an oxymoron Od. Firms behave competitively, but they make profits in the long run because there are some barriers preventing entrepreneurs from entering the market

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which of the following is true regarding monopolistic competition? Ⓒa. Each firm behaves as a monopolist, but makes no profits in the long run due to competition from close substitutes b. Save your money, and only purchase the railroads and high-end properties on the board (i.e. red, yellow, green, and blue) c. There is no such thing as monopolistic competition, it is an oxymoron d. Firms behave competitively, but they make profits in the long run because there are some barriers preventing entrepreneurs from entering the market
Transcribed Image Text:Which of the following is true regarding monopolistic competition? Ⓒa. Each firm behaves as a monopolist, but makes no profits in the long run due to competition from close substitutes b. Save your money, and only purchase the railroads and high-end properties on the board (i.e. red, yellow, green, and blue) c. There is no such thing as monopolistic competition, it is an oxymoron d. Firms behave competitively, but they make profits in the long run because there are some barriers preventing entrepreneurs from entering the market
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