Which of the following characteristics differentiates a monopolistically competitive industry from a perfectly competitive industry? A-...
Which of the following characteristics differentiates a monopolistically competitive industry from a perfectly competitive industry?
A- Full information
B- Barriers to entry in the long run
C- Barriers to exit in the long run
D- Differentiated product
Homework Answers
The right answer is option D, that is, differentiated product. In the perfect competition all firm sales the identical product whereas under the monopolistically competitive industry, all firm sales the differentiated product.
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Which of the following characteristics differentiates a
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