Which of the Following Is Not Characteristic of Monopolistic Competition

question 121

Multiple Choice

Which of the following is not characteristic of monopolistic competition?

• A)Many firms in an industry.
• B)Low concentration ratios.
• C)Some market power.
• D)Firms have zero control over price.

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Definitions:

Labour Rate Variance

The difference between the actual cost of labor and the standard or expected cost.

Standard Cost Per Bag

A pre-determined cost estimate for producing or purchasing a single unit of product, in this context, a bag.

Direct Material

Raw materials that are directly traceable to the manufacturing of a product and constitute a significant portion of the production cost.

Direct Labour

The workforce directly involved in the manufacturing of goods or provision of services, whose wages are directly associated with specific products or services.