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Questions and Answers
What type of market is monopolistic competition a combination of?
What type of market is monopolistic competition a combination of?
- Monopoly and monopolistic monopoly
- Monopoly and perfect competition (correct)
- Monopoly and oligopoly
- Oligopoly and perfect competition
Where does monopolistic competition fall in the spectrum of market types?
Where does monopolistic competition fall in the spectrum of market types?
- Between perfect competition and monopoly (correct)
- Between perfect competition and oligopoly
- At the same level as perfect competition
- Between oligopoly and monopoly
How is monopolistic competition positioned in relation to perfect competition and monopoly?
How is monopolistic competition positioned in relation to perfect competition and monopoly?
- It is closer to monopoly than to perfect competition
- It shares characteristics with both perfect competition and monopoly (correct)
- It is a form of perfect competition
- It is closer to perfect competition than to monopoly
Why is monopolistic competition considered a continuum rather than a distinct point on a spectrum?
Why is monopolistic competition considered a continuum rather than a distinct point on a spectrum?
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What distinguishes monopolistic competition from perfect competition and monopoly?
What distinguishes monopolistic competition from perfect competition and monopoly?
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