Which of the Following Is NOT a Characteristic of the Market

question 140

Multiple Choice

Which of the following is NOT a characteristic of the market structure for monopolistic competition?

• A) Firms are free to enter and exit.
• B) Firms are price takers.
• C) Firms compete on product quality, price, and marketing.
• D) There are a large number of firms.

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Definitions:

Service Industry

An economic sector focused on providing services rather than manufacturing goods, including industries like hospitality, finance, healthcare, and education.

Economic Insecurity

The condition of lacking stable financial resources or income, creating uncertainty and risk regarding an individual's or household's well-being and future.

Working Class

A social group consisting of people employed in lower tier jobs, often involving manual labor and receiving lower pay.

Selective Recruitment

The process of targeting specific individuals or groups for recruitment based on predetermined criteria.