In Comparing Monopolistic Competition to Perfect Competition,one Can Conclude That

question 53

True/False

In comparing monopolistic competition to perfect competition,one can conclude that the lack of free entry is the key to having the ability to set price.

---

Definitions:

Ordinary Care

The level of caution and attention to duty that a reasonable person would employ in similar circumstances, often relevant in negligence cases.

Bailment

The act of temporarily placing control over, or possession of, personal property by one person into the hands of another, under agreement.

Reasonable Care

A legal standard implying that a person or entity should act with the caution and prudence that a reasonable person would use in similar circumstances.

Conditional Gift

A gift given with specific conditions attached, which must be fulfilled for the gift to be fully transferred to the recipient.