What is the difference between perfect competition and monopolistic competition?
A) Perfect competition has barriers to entry while monopolistic competition does not.
B) In monopolistic competition firms produce identical goods, while in perfect competition firms produce slightly different goods.
C) In perfect competition firms produce identical goods, while in monopolistic competition firms produce slightly different goods.
D) Perfect competition has a large number of small firms while monopolistic competition does not.
E) Perfect competition has minor barriers to entry, while monopolistic competition has major barriers.
Correct Answer:
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Q5: Perfect competition is characterised by all of
Q6: One requirement for an industry to be
Q7: In a perfectly competitive market, the type
Q9: A firm in perfect competition is a
Q10: We know that a perfectly competitive firm
Q11: The firm's over-riding objective is to
A) avoid
Q12: One requirement for an industry to be
Q13: Each firm in a perfectly competitive industry
A)
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