Which of the following is the difference between perfect competition and monopolistic competition?
A. In monopolistic competition, firms produce identical goods, while in perfect competition, firms produce slightly different goods.
B. Perfect competition has no barriers to entry, while monopolistic competition does
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 in monopolistic competition does not.
Answer:C
Which of the following is the difference between perfect competition and monopolistic competition?
A. In monopolistic competition, firms produce identical goods, while in perfect competition, firms produce slightly different goods. B. Perfect competition has no barriers to entry, while monopolistic competition does 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 in monopolistic competition does not.