What Is the Difference Between Pure Competition and Monopolistic Competition

question 5

Multiple Choice

What is the difference between pure competition and monopolistic competition?

• A) slight as the conditions for each are quite similar.
• B) under pure competition there are many sellers and the product is homogeneous
• C) while there many sellers, there is some differentiation in the product
• D) not as great as there are with an oligopoly

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Definitions:

Respondent Behavior

Behavior that occurs as a direct response to a specific stimulus, often reflexive or involuntary in nature.

Classical Conditioning

A learning process in which a biologically potent stimulus is paired with a previously neutral stimulus to elicit a conditioned response.

Negative Reinforcement

A behavioral principle where the removal or avoidance of an unpleasant stimulus increases the likelihood of a behavior being repeated.

Instinctive Drift

The tendency of an animal to revert to instinctive behaviors that interfere with learned behaviors from operant conditioning.