Which of the Following Is Not a Characteristic of Monopolistic

question 135

Multiple Choice

Which of the following is not a characteristic of monopolistic competition?

• A)There are many buyers and sellers.
• B)There are low barriers to entry.
• C)Average revenue is equal to price.
• D)The products sold by all firms are identical.

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Definitions:

Illegality

The quality or state of being contrary to law or against the laws of a society, making an action or conduct not permissible.

Revocation

The official cancellation or withdrawal of an offer, license, right, or permission.

Counteroffer

A counteroffer is a proposal made in response to an original offer, altering its terms and effectively rejecting the initial offer.

Lapse of Time

The expiration of a specified duration which can affect contracts, rights, or obligations.