The word "monopolistic" in the label "monopolistic competition" refers to the fact that:
A. there is only one firm producing in the market.
B. firms have no control over the price they charge.
C. each firm produces a unique version of the product.
D. none of the above
Answer:C
The word "monopolistic" in the label "monopolistic competition" refers to the fact that:
A. there is only one firm producing in the market. B. firms have no control over the price they charge. C. each firm produces a unique version of the product. D. none of the above