Oligopoly Is About the ____________ and Monopolistic Competition Is About

question 71

Multiple Choice

Oligopoly is about the ____________ and monopolistic competition is about the ______________.

• A) number of firms; variety of products
• B) variety of products; barriers to entry
• C) barriers to entry; number of firms
• D) variety of products; number of firms

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Definitions:

Anecdotal Accounts

Personal stories or observations used as evidence, which may not be scientifically validated.

Experiments

Scientific procedures undertaken to make a discovery, test a hypothesis, or demonstrate a known fact through controlled observation and manipulation of variables.

Physical Energy

The capacity to do work, which may manifest in various forms such as kinetic, potential, thermal, electrical, chemical, nuclear, or other forms of energy.

Physical Objects

Material entities that occupy space and have mass, as opposed to abstract concepts or ideas.