Please complete the following sentence. Monopolistic competition and perfect competition differ because a. only monopolistic competition allows for entry of other firms in the long run. b. only perfectly competitive firms take the price as given. c. none of the other options. d. only monopolistically competitive firms will set MR = MC to produce the optimal level of output. e. only perfectly competitive firms will set MR = MC to produce the optimal level of output.

Please complete the following sentence. Monopolistic competition and perfect competition differ because a. only monopolistic competition allows for entry of other firms in the long run. b. only perfectly competitive firms take the price as given. c. none of the other options. d. only monopolistically competitive firms will set MR = MC to produce the optimal level of output. e. only perfectly competitive firms will set MR = MC to produce the optimal level of output.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter14: Monopolistic Competition And Product Differentiation

Section: Chapter Questions

Problem 7P

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