A Major Difference Between Monopolistic Competition and Perfect Competition Is

question 181

Multiple Choice

A major difference between monopolistic competition and perfect competition is

• A)the number of sellers in the markets.
• B)the degree by which the market demand curves slope downwards.
• C)that products are not standardized in monopolistic competition unlike in perfect competition.
• D)the barriers to entry in the two markets.

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Definitions:

Partnership

is a legal form of business operation between two or more individuals who share management and profits.

Criminally Liable

The legal responsibility for a crime, implicating that an individual can be prosecuted and potentially convicted for their actions.

Partnership Agreement

A contract between partners in a business that outlines the terms of their partnership, such as distribution of profit and loss, and management duties.

Criminal Tendencies

Behaviors or inclinations towards conducting actions that violate laws.