A Feature of Monopolistic Competition That Makes It Different from Monopoly

question 241

Multiple Choice

A feature of monopolistic competition that makes it different from monopoly is the:

• A)fact that firms in monopolistically competitive industries follow the marginal decision rule,while monopolies do not.
• B)downward-sloping demand curve.
• C)downward-sloping marginal revenue curve.
• D)number of firms in the industry.

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Definitions:

Bowling Alley

A facility equipped with lanes for bowling, including equipment for keeping score and often additional amenities such as food services.

Enforceability

The capability of a contract or legal agreement to be legally upheld or compelled by law.

Covenant Not to Compete

A contractual agreement where one individual or entity promises to refrain from engaging in a similar business or profession in direct competition with another.

Employment Contracts

Legal agreements between employers and employees that outline the terms and conditions of employment.