Which of the Following Is a Characteristic of Monopolistic Competition

question 259

Multiple Choice

Which of the following is a characteristic of monopolistic competition?

• A)ownership of a key resource by a single firm
• B)free entry
• C)identical product
• D)patents

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Definitions:

Moral Hazard

Moral hazard occurs when one party to an agreement engages in risky behavior or fails to exercise responsible care because this party knows another bears the consequences.

Tenure

The duration or period of time a person holds a particular position, job, or place of living.

Accomplished Teachers

Educators who have achieved a high level of expertise and excellence in their teaching practices.

Moral Hazard

A situation in economics where one party is more likely to take risks because the costs that could result will not be borne by the party taking the risk.