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Which one of the following statements describes a market that is monopolistically competitive? OA. There is a small number of large firms. OB. Many firms compete by making similar but slightly different products. OC. The product produced by one firm has no close substitutes. OD. The products produced by the firms are identical. OE. The presence of significant barriers to entry.

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Related questions

36) Which one of the following statements describes a market that is monopolistically competitive? A) The presence of significant barriers to entry. B) The products produced by the firms are identical. C) Many firms compete by making similar but slightly different products. D) There is a small number of large firms. E) The product produced by one firm has no close substitutes.

45) Which one of the following statements describes a market that is monopolistically competitive? A) The products produced by the firms are identical. B) There is a small number of large firms. C) The presence of significant barriers to entry. D) The product produced by one firm has no close substitutes. E) Many firms compete by making similar but slightly different products.

25. One difference between perfect competition and monopolistic competition is A) firms in a perfectly competitive market produce similar but slightly different products. B) in perfect competition, the product produced has no close substitutes. C) monopolistic competition has barriers to entry, whereas perfect competition has none. D) a small number of firms compete in a monopolistically competitive market and a large number of firms compete in a perfectly competitive market. E) firms in monopolistic competition have some degree of market power.

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