Which of the Following Is Not Characteristic of Monopolistic Competition

question 121

Multiple Choice

Which of the following is not characteristic of monopolistic competition?

• A)Many firms in an industry.
• B)Low concentration ratios.
• C)Some market power.
• D)Firms have zero control over price.

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Definitions:

Progressive

Referring to political and social movements seeking to promote change, reform, and innovation in governmental practices and policies.

Excise Taxes

Taxes imposed on specific goods or services, often fuel, tobacco, and alcohol, typically aimed at discouraging their consumption or raising revenue.

Economic Regulation

Government-imposed restrictions on the economic activities of private firms, including price controls, market entries, and standards for service quality.

Redistribution of Income

A policy or process whereby wealth is reallocated from certain individuals or groups to others, often through taxation and welfare systems, with the aim of achieving social equity.