Monopolistic Competition Is Characterized By

question 76

Multiple Choice

Monopolistic competition is characterized by:

• A)homogeneous products.
• B)significant barriers to entry.
• C)firms earning zero economic profits in the long run
• D)perfectly elastic demand curves.
• E)a few producers selling standardized products.

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Definitions:

Lowest Terms

The simplest form of a fraction, where the numerator and the denominator are reduced to their smallest whole numbers.

Quarts

A unit of volume in the U.S. customary and the British imperial systems, equal to a quarter of a gallon, or approximately 0.946 liters.

Tint

A slight or faint shade of color or a small amount of a particular color added to something.

Ounces

A measure of mass in the avoirdupois system, equivalent to 1/16th of a pound or about 28.35 grams.