Under monopolistic competition: a. there are significant barriers to entry. b. t
ID: 1250780 • Letter: U
Question
Under monopolistic competition: a. there are significant barriers to entry. b. there are few barriers to entry. c. firms sell identical products. d. firms face perfectly elastic demand curves.Monopolistic competition is similar to monopoly in that: a. firms face perfectly elastic demand curves. b. firms sell products for which there are no close substitutes. c. there is relatively free entry and exit. d. firms have some influence over the product price.
Which of the following is not a characteristic of monopolistic competition? a. a downward-sloping demand curve b. differentiated products c. standardized products
d. excess capacity e. free entry and exit
Explanation / Answer
1. b. there are few barriers to entry. 2. d. firms have some influence over the product price. 3. c. standardized products
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