Some markets have many buyers and sellers but fall into the category of monopolistic competition rather than perfect competition. The most common reason for this is
A) firms in these markets make high profits.
B) there are high barriers to entering these markets.
C) firms in these markets sell identical products.
D) firms in these markets do not sell identical products.
Question 2
Which of the following is the best example of a firm that competes in a monopolistically competitive market?
A) Microsoft B) the U.S. Postal Service
C) an automobile manufacturer D) a movie theater
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Markets and Institutions Market Story Problem
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