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Author Question: What is the most important characteristic of monopolistic competition? How do firms behave ... (Read 46 times)

Zoey63294

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on: Jun 29, 2018
What is the most important characteristic of monopolistic competition? How do firms behave differently from perfect competitors?
 
  What will be an ideal response?

Question 2

In the above graphs a direct relationship is shown by
 
  A) Graph A.
  B) Graph B.
  C) Graph C.
  D) Graph D.


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sokh

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Product differentiation is the most important characteristic of perfect competition. Product differentiation generates the downward sloping demand curve that a firm faces. With heterogeneous products, monopolistic competitors will advertise and use sales promotion techniques that perfect competitors would not use.

Answer to Question 2

B


Zoey63294

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

scikid

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Reply 3 on: Yesterday
:D TYSM

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