A Characteristic of Monopolistic Competition Is That

question 35

Multiple Choice

A characteristic of monopolistic competition is that:

• A) there are many large firms in the industry.
• B) firms produce a homogeneous product.
• C) there are few firms in the industry.
• D) firms are price makers.

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Definitions:

Groupthink

A mental effect experienced by a collective, where the pursuit of agreement or uniformity among members leads to choices that are illogical or not functional.

Components

Fundamental parts or elements that make up a system or compound.

Attitude

A psychological tendency expressed by evaluating a particular entity with some degree of favor or disfavor.

Component

A part or element of a larger whole, usually contributing to the function or structure of something.