Which Statement Is True

question 136

Multiple Choice

Which statement is true?

• A)Monopolistic competitors have very elastic demand curves.
• B)Most monopolistic competitors are very large firms.
• C)Less than half of all businesses in the United States are monopolistic competitors.
• D)None of these statements are true.

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Definitions:

Marginal Cost

The extra cost incurred by producing one additional unit of a product or service.

Dispose of Cars

The process of discarding or recycling automobiles that are no longer in use or are considered waste.

Variable Costs

Expenses that vary in relation to the amount of production or business operations.

Square Feet

A measure of area used primarily in the United States, equal to the area of a square with sides of one foot.