Multiple Choice
If we are to discuss why the term "monopolistic competition" is used,the best description would be that the industry is "monopolistic" because it:
A) has high barriers to entry but is "competitive" because it has many firms.
B) has low barriers to entry but is "competitive" because it has few firms.
C) has product differentiation but is "competitive" because it has many firms.
D) has a monopoly but is "competitive" because there are low barriers to entry, meaning it has potential rivals.
E) holds patents but is "competitive" because other firms might invent similar patentable products.
Correct Answer:
Verified
Correct Answer:
Verified
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