Which of the Following Is One of the Assumptions Upon

question 160

Multiple Choice

Which of the following is one of the assumptions upon which the theory of monopolistic competition is built?

• A)There are many sellers.
• B)There are few buyers.
• C)It is difficult to enter the industry.
• D)Each firm in the industry produces a homogeneous product.

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Definitions:

Food Consumption

The amount of food eaten by individuals or populations, considered in terms of quantity, frequency, and types of food, influencing nutritional status and health.

Clothing Consumption

The action or process of purchasing and using clothing.

Budget Line

A visual chart showing every potential mix of two products that one can buy with a specific amount of money at constant prices.

Goods

Tangible items that satisfy human wants or needs, and that can be transferred from one person to another.