The Characteristic Below That Is Not Common to Monopolistic Competition

question 213

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:

Group Loyalty

A sense of commitment and solidarity among members of a group towards their group and its goals.

Dysfunctional Behavior

Actions that are counterproductive to an individual’s own goals or well-being, often causing negative effects on others around them.

Fixation

An aggressive mechanism in which an individual keeps up a dysfunctional behavior that obviously will not solve the conflict.

Aggressive Mechanism

Psychological strategies or behaviors used to express hostility or to assert dominance over others.