In Monopolistic Competition

question 44

Multiple Choice

In monopolistic competition

• A)there are two firms in the market.
• B)the size of one firm is small relative to the size of the industry.
• C)the size of one firm is large relative to the size of the industry.
• D)each firm is a price-taker.
• E)there is only one firm in the market.

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Definitions:

Species

A collection of comparable organisms from nature able to partake in the process of interbreeding or gene swapping.

Fallacy of Division

The erroneous assumption that what is true of a whole must also be true of its parts.

Division

The process of dividing or the state of being divided.

Kittens

Young domestic cats, often characterized by their playful and curious nature.