Which of the Following Is Not True of Monopolistic Competition

question 24

Multiple Choice

Which of the following is not true of monopolistic competition?

• A)There are a large number of buyers and sellers.
• B)The firms produce differentiated products.
• C)There exists free entry and exit of firms.
• D)Each of the firms faces a horizontal demand curve.
• E)Each of the firms act as a minimonopoly in the market.

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Definitions:

Biopharming

The process of using genetically modified plants or animals to produce pharmaceuticals and other substances such as antibodies or vaccines.

Genetically Engineered

The alteration of the genetic makeup of an organism using biotechnology to include traits that are not naturally found in the organism.

Biofactories

Facilities that utilize biological processes, such as fermentation or enzyme production, for the manufacturing of pharmaceuticals, chemicals, or food products.

Mutation

A change in the DNA sequence within a gene or chromosome of an organism that results in the creation of a new character or trait not found in the parental type.