The Key Feature of Monopolistic Competition Is

question 128

Multiple Choice

The key feature of monopolistic competition is

• A) interdependence of the firms.
• B) lack of advertisement.
• C) product differentiation.
• D) the small number of firms in the industry.

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Definitions:

B.F. Skinner

An American psychologist known for his work in behaviorism and the development of the theory of operant conditioning.

Law of Effect

A principle in psychology that states behaviors followed by positive outcomes are likely to be repeated, while those followed by negative outcomes are not.

Organisational Behaviour Modification Strategy

A systematic approach to changing behavior within an organization using principles of behavior analysis and reinforcement.

Punishment

Imposing a penalty or sanction on someone as retribution for an offense or undesirable behavior.