The Main Difference Between Perfect Competition and Monopolistic Competition Is

question 22

Multiple Choice

The main difference between perfect competition and monopolistic competition is

• A)The degree of product differentiation.
• B)The long-run economic profits that are expected.
• C)The number of firms in the market.
• D)The ease of entry and exit.

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Definitions:

Non-Obvious

In the context of patents, it refers to an invention that is not evident to someone with ordinary skill in the particular field of the invention.

Patent

A legal document granting the holder exclusive rights to an invention, design, or process for a certain period.

Obvious

Easily perceived or understood; clear, self-evident, or apparent.

Trade Dress

The visual appearance of a product or its packaging that signifies the source of the product to consumers.