In Monopolistic Competition,the Presence of a Large Number of Firms

question 109

Multiple Choice

In monopolistic competition,the presence of a large number of firms making a differentiated product means that

• A) each firm can set the price of its particular product.
• B) each firm must charge the same price.
• C) the price is established by collusive behavior.
• D) each firm must produce the same quantity.
• E) firms cannot compete with each other on the basis of price.

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