Which of the following is a characteristic of monopolistic competition? standard

Question

Which of the following is a characteristic of monopolistic competition? standardized product many firms mutual interdependence barriers to entry A product that is a close substitute but not a perfect substitute for the products of the other firms is called a homogeneous product. an efficient product. an inelastic product. a differentiated product. The figure below shows the demand curve for Nike shoes (D), and Nike's marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Answer the next three questions based on the figure. Nike maximizes its profit if it sells pairs of shoes per day. Nike maximizes its profit if it charges per pair of shoes. Nike's economic profit is

Explanation / Answer

23)

B . many firms

like perfect competition there will be many firms under monoplositic competition,but these firms sell products with some difference unlike perfect competition

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