If Firms in an Industry Differentiated Their Products and Made

question 243

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

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Definitions:

Attractive Partner

A person whom others find appealing, often due to physical appearance, personality traits, or other qualities.

Unattractive Partner

Refers to a subjective evaluation where an individual's physical appearance or personality traits are deemed less appealing or desirable.

Personality Traits

Enduring characteristics or qualities that describe an individual's consistent patterns of feeling, thinking, and behaving.

Attractiveness

pertains to the qualities that pleasingly appeal to the senses or mind, often in a physical or aesthetic manner.