A Characteristic of Monopolistic Competition Is

question 34

Multiple Choice

A characteristic of monopolistic competition is:

• A) that there are substantial barriers to entry.
• B) that they produce a differentiated product.
• C) that there are few firms in the industry.
• D) that they face a perfectly elastic demand curve.

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Definitions:

International Labour Organization

The International Labour Organization (ILO) is a United Nations agency that sets international labor standards and promotes rights at work, encouraging decent employment opportunities and enhancing social protection.

International Labour Standards

Norms and regulations established by international bodies to ensure that workers worldwide enjoy minimum levels of decency, safety, and rights at work.

Unionized

A workforce or organization where employees are members of a union which represents their interests in negotiations with management.

Political Party

An organized group of people with at least roughly similar political aims and opinions, that seeks to influence public policy by getting its candidates elected to public office.