If Firms in an Industry Differentiated Their Products and Made

question 31

Multiple Choice

If firms in an industry differentiated their products and made economic profits in the short- run, what other characteristic would be important to determine if this is an oligopoly or a monopolistically competitive market?

• A) If the good being sold is a normal or inferior good
• B) The number of firms in the market
• C) The number of buyers in the market
• D) The number of close substitutes for the good being produced

---

Definitions:

Explanation

The process of making something clear or understandable by providing detailed information and reasoning.

Employee Behaviours

Actions and conduct displayed by employees in the workplace, which can impact organizational performance, culture, and climate.

Organizational Behaviour

The study of how people interact within groups in a workplace setting and how this affects organizational performance.

Actual Behaviour

The real actions or conduct displayed by an individual, as opposed to intentions or stated policies.