Monopolistic competition is best described as _______. (a) many firms with some control over...
Question:
Monopolistic competition is best described as _____.
(a) many firms with some control over price, and some product differentiation
(b) many firms with no control over price, producing identical products
(c) a few firms with some control over price, producing highly differentiated products
(d) a few firms with no control over price, producing similar products.
Structures of market
Generally, there are four types of market structure: Perfect competition, monopolistic competition, monopoly and Oligopoly. Among these types, perfect competition represents and ideal market situation where the societal welfare is the maximum. In the other forms of market structures, like monopoly and monopolistic competition, there is some amount of deadweight loss.
Answer and Explanation: 1
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View this answerThe correct option is a( many firms with some control over price, and some product differentiation)
Features of monopolistic competition are:
A. Lar...
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Imperfect Competition Market | Definition & Examples
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Chapter 22 / Lesson 2
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Learn the definition of imperfect competition and understand how it works. Study imperfect competition examples: monopoly, oligopoly, and monopolistic competition.
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