Monopolistic Competition Is Like Monopoly in That

question 21

Multiple Choice

Monopolistic competition is like monopoly in that

• A) price changes are dictated by changes in supply.
• B) both industries represent price-taking firms.
• C) both industries represent price-making firms.
• D) both industries have high barriers to entry.
• E) neither industry has high barriers to entry.

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Definitions:

Variable-interval Schedule

A schedule of reinforcement where a response is rewarded after an unpredictable amount of time has passed, contributing to a steady, stable rate of response.

Specific Number

An exact quantity or value, often mentioned to denote precision or to highlight importance within a particular context.

Randomly Varying

Characterized by changes that do not follow a predictable pattern and occur in a random manner.

Reinforcement

In behaviorism, a consequence that increases the likelihood of a behavior being repeated.