Figure 12.1.2 -Which of the Following Is True for Both Perfect and Perfect

question 43

Multiple Choice

Figure 12.1.2
-Which of the following is true for both perfect and monopolistic competition?

• A) Firms produce a differentiated product.
• B) Firms face a downward sloping demand curve.
• C) Firms produce a homogeneous product.
• D) There is freedom of entry and exit in the long run.