Which of the Following Statements Is Not Correct

question 585

Multiple Choice

Which of the following statements is not correct?

• A)Monopolistic competition is similar to monopoly because in each market structure the firm can charge a price above marginal costs.
• B)Monopolistic competition is similar to perfect competition because both market structures are characterized by free entry.
• C)Monopolistic competition is similar to oligopoly because both market structures are characterized by barriers to entry.
• D)Monopolistic competition is similar to perfect competition because both market structures are characterized by many sellers.

Identify how to enhance the visual representation of charts through formatting options.

Know how to perform comparisons and combine documents with tracked changes.

Understand the functions and applications of various paste options when working with external data.

Learn how to correct inaccurate data within charts and understand the implications of editing linked or embedded data.

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Definitions:

Wage Differentials

The differences in wage rates due to the variations in the skill level, occupation, region, and other factors affecting compensation.

Diminishing Returns

The principle stating that as one factor of production is increased while others are held constant, a point will eventually be reached where additions of the factor yield progressively smaller increases in output.

Value Added

The increase in worth of a product or service as a result of a particular stage of production or as it moves through the supply chain.

Marginal Product

The increase in output resulting from a one-unit increase in the amount of a single input used, keeping all other inputs constant.