Assignment: Chapter 01: Assignment Questions 9781337386975 PHK Chapter 1 Homewor

Question

Assignment: Chapter 01: Assignment Questions 9781337386975 PHK Chapter 1 Homework CE2.16m 12. o Which of the following is true about monopolistic competition? 13 O a. In monopolistic competition there are many buyers along with a relatively large number of s O b. In monopolistic competition, one seller dominates the market selling a product and controlli c. A monopolistic competition market situation gives rise to sellers attempting to satisfy differen d. A monopolistic competition market is very difficuit to enter due to the control of one seller ov 14. 15. 6. 9781337386975 PHK Chapter 1 Homework CE2.16m

Explanation / Answer

Answer : Option A is correct. In Monopolistic competition there are many buyers as well as seller but they are selling differentiated product that are perfect substitute of each other. They have some control over the price of the product.

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