Monopolistic Competition in an Industry Will Result in _____ Because

question 12

Multiple Choice

Monopolistic competition in an industry will result in _____ because firms produce _____.

• A)overutilization of plants;the minimum-cost output
• B)less advertising than in perfect competition;the minimum-cost output
• C)lower prices than in perfect competition;more than the minimum-cost output
• D)chronic excess capacity;less than the minimum-cost output

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Definitions:

Open-Mindedness

The willingness to consider new ideas, points of view, and experiences without preconceived judgments.

Mental Present

The concept referring to the temporal window in which the consciousness operates, encompassing the immediate perception of stimuli at a given moment.

Creativity

The ability to generate new ideas or concepts, or new associations between existing ideas or concepts.

Algorithm

An algorithm is a specific, step-by-step procedure for solving a problem or accomplishing some end, typically by a computer.