Because Consumers Value Product Variety

question 23

Multiple Choice

Because consumers value product variety,

• A)society must be more efficient with monopolistic competition than with perfect competition.
• B)the inefficiency of monopolistic competition is partially offset.
• C)in the long run, monopolistic competition firms make economic profit.
• D)monopolistically competitive industries are efficient.
• E)no two goods of the same type will have equal prices.

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Definitions:

Prejudice

Preconceived opinion or bias towards something or someone, not based on reason or actual experience.

Acute Epiglottitis

A potentially life-threatening condition where the epiglottis -- a flap in the throat -- becomes inflamed and can obstruct breathing.

Inspiratory Stridor

A high-pitched sound heard during inhalation, indicating an obstruction in the airway.

Complete Obstruction

A full blockage that prevents passage or flow through an organ or pathway in the body.