Asked by Henriette Uwimbabazi on Jul 04, 2024
Verified
An industry with a large number of relatively small firms producing _____ products in a market with easy entry and exit is a(n) _____.
A) similar;monopoly
B) identical;monopolistic competition
C) differentiated;oligopoly
D) differentiated;monopolistic competition
Differentiated Products
Goods and services that are distinguished from similar products by characteristics like quality, design, performance, and branding.
Monopolistic Competition
A market structure characterized by many firms selling products that are substitutes but differentiated from each other, leading to some degree of market power.
Easy Entry And Exit
A characteristic of competitive markets where firms can freely enter or leave the market with minimal barriers, ensuring competitive prices and efficiency.
- Grasp the key features of monopolistic competition, which include the differentiation of products and the criteria for market entry and exit.
- Pinpoint examples of products and industries that exhibit characteristics of monopolistic competition.
Verified Answer
Learning Objectives
- Grasp the key features of monopolistic competition, which include the differentiation of products and the criteria for market entry and exit.
- Pinpoint examples of products and industries that exhibit characteristics of monopolistic competition.
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