A monopolistically competitive industry,such as corn snack chips,and a perfectly competitive industry,like wheat farming,are alike in that:
A)firms in both types of industries produce identical products.
B)firms in both types of industries produce similar but not identical products.
C)barriers to entry in both industries are large.
D)there are many firms in each industry.

Question

Quizplus · Accepted Answer

Both monopolistically competitive and perfectly competitive industries are characterized by the presence of many firms.

A Monopolistically Competitive Industry,such as Corn Snack Chips,and a Perfectly