Which One of the Following Statements Is True for BOTH

question 19

Multiple Choice

Which one of the following statements is true for BOTH perfect competition and monopolistic competition?

• A) Each type of firm faces a downward- sloping demand curve.
• B) Each type of firm competes on product quality and price.
• C) In the long run, firms in both industries make zero economic profit.
• D) Each type of firm produces a homogeneous product.

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Definitions:

Buying Process

The series of steps a consumer goes through before purchasing a product or service, from recognizing a need to making the purchase decision.

Buying Center

A group of individuals within an organization who are involved in the process of evaluating and making purchase decisions.

Buying Center

A collection of people in an organization involved in the process of deciding to buy products or services.

Organizational Culture

The set of shared values, beliefs, practices, and norms that characterizes an organization and influences its functioning.