Author Question: Which of the following is a characteristic of the monopolistic competition market structure? a. ... (Read 78 times)

beccaep · **on:** Jun 30, 2018

Which of the following is a characteristic of the monopolistic competition market structure?
a. Many firms and a homogeneous product.
b. Few firms and differentiated products.
c. Few firms and similar products.
d. Few firms and a homogeneous product.
e. Many firms and differentiated products.

Question 2

Moving along a budget line, the prices of both goods:
a. vary and the consumer's budget is held constant.
b. are held constant and the consumer's budget varies.
c. and the consumer's budget are held constant.
d. and the consumer's budget vary.