Which of the Following Is True of Monopolistic Competition

question 57

Multiple Choice

Which of the following is true of monopolistic competition?

• A) There is only one seller in this market structure.
• B) The product sold by each seller in this market structure is identical.
• C) The firms in this market structure earn huge economic profits in the long run.
• D) There are a large number of sellers, each selling a differentiated product.

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Definitions:

Philippe Rushton

A controversial psychologist known for his research on race, intelligence, and genetic heritability.

Genetic Factors

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IQ

A measure of a person's intelligence as indicated by an intelligence test, reflecting cognitive abilities relative to the average for one's age.

Social Class

A group division within society based on social and economic status.