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If Firms in an Industry Differentiated Their Products and Made

Question 31

Multiple Choice

If firms in an industry differentiated their products and made economic profits in the short- run, what other characteristic would be important to determine if this is an oligopoly or a monopolistically competitive market?


A) If the good being sold is a normal or inferior good
B) The number of firms in the market
C) The number of buyers in the market
D) The number of close substitutes for the good being produced

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