The Main Characteristic That Distinguishes Monopolistic Competition from Perfect Competition

question 212

Multiple Choice

The main characteristic that distinguishes monopolistic competition from perfect competition is:

• A)easy entry and exit.
• B)many firms.
• C)differentiated products.
• D)that in perfect competition,to maximize profits,a firm will produce where MR = MC.

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Definitions:

Faxing

The transmission of scanned documents or texts over a telephone line, typically using a facsimile machine.

Instant Messaging

A form of online communication that allows real-time text transmission over the internet or a computer network.

Media Richness

A theory that describes the capacity of a communication medium to accurately reproduce the information sent over it.

Advertising

The action of calling public attention to products, services, needs, etc., especially by paid announcements in print, broadcast, or online media.