Which of the following is n o t a characteristic of a monopolistically competitive market?
A. There are many firms.
B. Firms sell products that are similar but not identical.
C. Firms must take the market price as given.
D. There are no artificial barriers to entry.
Answer:C
Which of the following is n o t a characteristic of a monopolistically competitive market?
A. There are many firms. B. Firms sell products that are similar but not identical. C. Firms must take the market price as given. D. There are no artificial barriers to entry.