Asked by
Robert Beaudoin
on Oct 12, 2024
Verified
Monopolistic competitors have _______ rivals who produce _________ goods and services.
A) no;identical
B) many;identical
C) many;close substitute
D) None of the choices are correct.
Close Substitute
A product or service that can easily replace another in consumption or use, due to similarities in characteristics or functionalities.
Monopolistic Competitors
Companies that are in a competitive market structure but with differentiated products, allowing them small amounts of market power to set prices.
- Gain insight into the key aspects of monopolistic competition, notably product distinction and the ability to wield market power.
Verified Answer
GA
Learning Objectives
- Gain insight into the key aspects of monopolistic competition, notably product distinction and the ability to wield market power.