What Is the Difference Between Perfect Competition and Monopolistic Competition

question 79

Multiple Choice

What is the difference between perfect competition and monopolistic competition?

• A) Perfect competition has barriers to entry while monopolistic competition does not.
• B) In monopolistic competition firms produce identical goods, while in perfect competition firms produce slightly different goods.
• C) In perfect competition firms produce identical goods, while in monopolistic competition firms produce slightly different goods.
• D) Perfect competition has a large number of small firms while monopolistic competition does not.
• E) Perfect competition has minor barriers to entry, while monopolistic competition has major barriers.

---

Definitions:

Personality

The combination of characteristics or qualities that form an individual's distinctive character.

Learned Behavior

Skills or responses that are acquired through observation, experience, or instruction, rather than being innate or instinctual.

Shyness

A feeling of apprehension, lack of comfort, or awkwardness especially when a person is around other people.

Decreased

To become smaller or less in size, amount, intensity, or degree.