The Characteristic Below That Is Not Common to Monopolistic Competition

question 112

Multiple Choice

The characteristic below that is not common to monopolistic competition and perfect competition is

• A)Firms act to maximise profit.
• B)Entry barriers into the industry are low.
• C)The market demand curve is downward sloping.
• D)Firms take market prices as given.

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Definitions:

Biased Sample

A nonrepresentative sample.

Representative Sample

A small group representing a larger group in terms of age, sex, ethnicity, socioeconomic status, orientation, for example.

Multistage Sample

A sampling method involving multiple phases of selection, often used in large-scale surveys to efficiently gather data.

Stratified Sample

A sampling method used in research that involves dividing the population into distinct subgroups and selecting samples from each subgroup.