In Monopolistic Competition as Well as in Monopoly

question 10

Multiple Choice

In monopolistic competition as well as in monopoly,

• A)price exceeds marginal revenue for each firm.
• B)profit is zero in a long-run equilibrium for each firm.
• C)entry and exit by firms are unrestricted.
• D)there are at most a few firms in each market.

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Definitions:

Customer Complaint

Feedback from a dissatisfied customer about a product or service, often indicating a problem that requires resolution.

Satisfy

To satisfy means to fulfill the needs, expectations, or desires of someone or something effectively.

Listen

The act of actively paying attention to sounds, which in a business context, often refers to understanding the needs or feedback of customers or clients.

Service Providers

Companies or individuals that offer services to others in exchange for compensation.