In Both Monopolistically Competitive and Perfectly Competitive Industries

question 218

Multiple Choice

In both monopolistically competitive and perfectly competitive industries

• A)firms produce products for which there are no close substitutes.
• B)there are high barriers to entry.
• C)there are many buyers and sellers.
• D)firms are price takers.

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Definitions:

Independent Variable

In experimental and statistical research, the variable that is manipulated or changed by the researcher to observe its effects on the dependent variable.

Dependent Variable

In research, the variable being tested and measured, expected to change as a result of manipulations to the independent variable.

Independent Variable

The variable in an experiment that is manipulated or changed by the researcher to observe its effect on the dependent variable.

Manipulated

Being controlled or influenced in an unfair or deceitful way, often without awareness of the manipulation.