Other Than by Adjusting Price, the Two Main Ways in Which

question 88

Multiple Choice

Other than by adjusting price, the two main ways in which a firm in monopolistic competition competes with other firms are by ________ and ________.

• A)innovation and product development; advertising
• B)taking surveys to discover the wants of its consumers; opening up new retail outlets
• C)changing its method of production; relocating its factories to areas with lower wage rates
• D)decreasing its workforce; using new technology
• E)advertising; producing the efficient quantity

---

Definitions:

Trust

Refers to the firm belief in the reliability, truth, ability, or strength of someone or something.

Saloon

A place for drinking alcohol that was especially popular in the United States during the 19th and early 20th centuries, serving as a social hub in towns and cities.

Rising Wages

An economic condition characterized by an increase in the amount of money workers receive for their labor over time.

Living Conditions

The circumstances affecting the daily life and well-being of people, including their housing, environment, and access to resources and services.