All of the Following Characteristics Are Common to Both Monopolistic

question 233

Multiple Choice

All of the following characteristics are common to both monopolistic competition and perfect competition except

• A)firms act to maximize profit.
• B)entry barriers into the industries are low.
• C)the market demand curves are downward-sloping.
• D)firms take market prices as given.

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Definitions:

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale.

Labour-intensive Jobs

Occupations or industries that require a high amount of manual work relative to capital investment, often characterized by high employment levels.

Collective Bargaining Process

A negotiation process between employers and a group of employees aimed at reaching agreements to regulate working salaries, working conditions, and other aspects of workers' compensation and rights.

Grievance Procedure

A formalized procedure for resolving disputes if the parties have a disagreement regarding the interpretation of a term of the collective agreement.