One Difference Between Perfect Competition and Monopolistic Competition Is

question 64

Multiple Choice

One difference between perfect competition and monopolistic competition is

• A)firms in a perfectly competitive market produce similar but slightly different products.
• B)in perfect competition, the product produced has no close substitutes.
• C)monopolistic competition has barriers to entry, whereas perfect competition has none.
• D)firms in monopolistic competition have some degree of market power.
• E)a small number of firms compete in a monopolistically competitive market and a large number of firms compete in a perfectly competitive market.

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Definitions:

Positive Impact

A beneficial effect or contribution to the improvement or enhancement of something.

Compliance

Compliance refers to the act of adhering to laws, regulations, standards, and ethical practices set by authoritative bodies or organizations.

Proactive Social Responsibility

A business approach where companies take the initiative to improve social welfare, beyond regulatory requirements.

Adverse Social Impacts

Negative effects on society that may result from certain actions or policies, such as increased inequality or damage to community cohesion.