A Feature of Monopolistic Competition That Makes It Different from Monopoly

question 194

Multiple Choice

A feature of monopolistic competition that makes it different from monopoly is the:

• A) fact that firms in the model of monopolistic competition follow the marginal decision rule while monopolies do not.
• B) downward-sloping demand curve.
• C) downward-sloping marginal revenue curve.
• D) number of firms in the industry.

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Definitions:

Creditor Claims

Rights of creditors to the assets of a debtor in the case of default, bankruptcy, or liquidation.

Joy Partner's Withdrawals

Distributions of assets from a partnership to one of its partners, typically for personal use.

Closed

In accounting, refers to accounts that have been zeroed out at the end of an accounting period to prepare them for the next period.

Debit

A bookkeeping entry that increases the balance of asset and expense accounts, and decreases equity, liability, and revenue accounts.