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amanda lozano
on Oct 26, 2024

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A feature of monopolistic competition that makes it different from monopoly is the:

A) fact that firms in monopolistically competitive industries follow the marginal decision rule,while monopolies do not.
B) downward-sloping demand curve.
C) downward-sloping marginal revenue curve.
D) number of firms in the industry.

Marginal Decision Rule

An economic principle which suggests that action should continue until marginal benefit equals marginal cost, optimizing resource allocation.

Downward-Sloping Demand

A representation of the relationship between the price of a good and the quantity demanded, illustrating that as price decreases, demand typically increases.

Number Of Firms

The total count of business entities operating within a specific market or industry.

  • Pinpoint the differences between monopolistic competition and additional market structures, including perfect competition, monopoly, and oligopoly.
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Keveon BeaversNov 02, 2024
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