The Term Monopolistic Competition

question 181

Multiple Choice

The term monopolistic competition

• A)is an alternate expression for monopoly
• B)is used to describe perfect competition with strong entry barriers
• C)denotes an industry with one seller of many differentiated products
• D)denotes an industry with many sellers of homogeneous products
• E)denotes an industry with many sellers of differentiated products

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Definitions:

Payor Bank

The bank that is directed by a check or draft to pay a certain amount of money to the person or entity named on the check.

On-Us Item

A banking term referring to a check or draft that is presented for payment by the same bank upon which it is drawn.

Stale Check

A check that is not presented to a bank within six months of its date.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the law relating to commerce.