Which of the Following Is NOT a Characteristic of Monopolistic

question 36

Multiple Choice

Which of the following is NOT a characteristic of monopolistic competition?

• A) Firms set the price of their product equal to their marginal cost.
• B) There is product differentiation in the market.
• C) There is easy entry and exit.
• D) Firms may earn an economic profit in the short run.

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Definitions:

Different Background

Varied cultural, educational, or familial environments from which individuals originate.

Not Good-Looking

A subjective assessment indicating that someone is perceived as not meeting conventional standards of physical attractiveness.

Specificity of Attitudes

The degree to which an attitude is related to a particular object, situation, or issue.

Accessibility of Attitudes

The ease with which an attitude can be remembered or brought to mind, often influencing the consistency of behavior toward the attitude object.