One Difference Between Perfect Competition and Monopolistic Competition Is

question 64

Multiple Choice

One difference between perfect competition and monopolistic competition is

• A)firms in a perfectly competitive market produce similar but slightly different products.
• B)in perfect competition, the product produced has no close substitutes.
• C)monopolistic competition has barriers to entry, whereas perfect competition has none.
• D)firms in monopolistic competition have some degree of market power.
• E)a small number of firms compete in a monopolistically competitive market and a large number of firms compete in a perfectly competitive market.

---

Definitions:

Limitations

Restrictions or caps, often referring to the time within which legal action can be taken.

Accounting

The systematic process of recording, analyzing, and interpreting financial transactions and data.

Remedy

A means of legal reparation or correction, often through compensation or specific performance in law.

Contract Law

The body of law that governs the creation, enforcement, and termination of contracts between parties.