The Basic Distinction Between Perfect Competition and Monopolistic Competition Is

question 36

Multiple Choice

The basic distinction between perfect competition and monopolistic competition is that

• A) in perfect competition there are many sellers; in monopolistic competition, there are few.
• B) entry into a market is easy for a new seller in perfect competition, while it is difficult in monopolistic competition.
• C) firms in perfect competition must advertise to sell their products, but since they have a monopoly, monopolistically competitive firms do not.
• D) perfectly competitive firms produce an identical product; monopolistically competitive firms produce similar products.
• E) a perfectly competitive firm produces with an excess capacity in the long run; a monopolistically competitive firm does not.

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Definitions:

Atlantoaxial Joint

A pivotal joint located between the first two cervical vertebrae, the atlas and axis, allowing for the rotation of the head.

Metatarsophalangeal Joint

The joint located between the metatarsal bones of the foot and the proximal bones (phalanges) of the toes, important for foot movement.

Car Door

A movable barrier used for entry and exit, as well as security and protection of the occupants, found on the sides of automobiles.

Dentoalveolar Joint

A term that could describe the structural and functional relationship between teeth (dentition) and the alveolar bone, but not a commonly used term. More accurately referred to as the periodontal ligament.