Which of the Following Describes a Feature Shared by Monopolistic

question 232

Multiple Choice

Which of the following describes a feature shared by monopolistic competition and perfect competition?

• A) few firms in the industry
• B) no barriers to entry or exit in the long run
• C) absolute market power
• D) standardized products

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Definitions:

Bureau of Consumer Financial Protection

A U.S. government agency that ensures consumers are treated fairly by banks, lenders, and other financial companies.

Payee

The individual or entity to whom a payment is to be made or is made.

Certificate of Deposit

A savings certificate entitling the bearer to receive interest, which has a fixed maturity date and specified fixed interest rate.

Acknowledgement

The act of recognizing or admitting the truth, validity, or legality of something.