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Shaquana Williams
on Nov 30, 2024

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Monopolistic competition is similar to perfect competition with respect to

A) the number of firms in the industry.
B) barriers to entry.
C) breaking even in the long run.
D) All of these choices are similarities.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, leading to competition based on quality, price, and brand.

Perfect Competition

A market structure characterized by many sellers and buyers, homogeneous products, and no single entity able to influence prices.

Barriers to Entry

Economic, procedural, or regulatory obstacles that prevent new competitors from easily entering an industry or area of business.

  • Contrast monopolistic competition with perfect competition and monopoly.
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Thulie NkosiNov 30, 2024
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