The Existence of a Large Number of Firms in Monopolistic

question 43

Multiple Choice

The existence of a large number of firms in monopolistic competition

• A)means that each firm has a small market share.
• B)makes it possible for each firm's price to deviate by a large amount from the average price of the other firms.
• C)means that a firm must pay attention to the behaviour of all of its competitors.
• D)All of the above answers are correct.
• E)None of the above answers are correct.

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Definitions:

European Hegemony

Describes the period or condition where European powers dominated world politics, economics, and culture, often through colonization and imperialism.

Cold War

The period of geopolitical tension between the Soviet Union and the United States and their respective allies, from the end of World War II until the dissolution of the Soviet Union in 1991.

Global Output

The total value of goods and services produced worldwide over a specific time period.

Percent

A part or portion of a whole expressed as a fraction of 100.