Monopolistic Competitors

question 129

Multiple Choice

Monopolistic competitors:

• A)have some ability to set price.
• B)must accept the price as given and therefore are price takers.
• C)produce goods that are standardized and hard to differentiate.
• D)eventually produce at their minimum ATC at the profit-maximizing level.

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Definitions:

Opportunity To Change

The possibility or potential for modification, transformation or transitioning from one state or condition to another.

Motivation

The internal drive or external incentive that stimulates an individual to act towards achieving a goal.

Capability

The ability or qualities necessary to do something effectively.

Opportunity

A set of circumstances that makes it possible to do something or achieve a specific outcome.