Multiple Choice
Which of the following characteristics do firms in perfect competition have in common with firms in monopolistic competition?
A) Firms in both markets are price takers.
B) Firms in both markets produce homogeneous products.
C) Firms in both markets face competition from new entrants.
D) Firms in both markets face a horizontal demand curve.
E) Firms in both markets advertise their products.
Correct Answer:
Verified
Correct Answer:
Verified
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