Monopolistic competition is an industry characterized by a
Monopolistic competition is an industry characterized by a:
A. small number of firms producing identical products, with barriers to entry for firms.
B. small number of firms producing similar products, with relatively easy entry for firms.
C. large number of firms producing similar products, with relatively easy entry for firms.
D. large number of firms producing identical products, with relatively easy entry for firms.
Question 2 of 10
Imperfect competition is:
A. a market structure with no more than one firm in the industry.
B. an industry in which all firms are price takers.
C. a market structure where firms have a degree of monopoly power.
D. described by all of the above.
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