In Monopolistically Competitive Industries

question 226

Multiple Choice

In monopolistically competitive industries

• A) non-price competition through product differentiation is actively pursued by firms.
• B) product variety is the same as in perfectly competitive industries.
• C) firms do not respond to changes in consumer demand.
• D) firms' economic profits are protected by barriers to entry.

---

Definitions:

Negotiable

Referring to a legal document or instrument that is transferable from one party to another in good faith and for value, with the holder then having the right to execute it.

Contractual Specifications

Detailed requirements outlined in a contract regarding the quality, dimensions, and other characteristics of the work to be done or goods to be supplied.

Rick of Firewood

A specific measure of stacked firewood, often used to quantify firewood in cord-like units.

Bearer Instrument

A type of negotiable instrument that is payable to the holder or presenter, rather than a named individual.