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Questions and Answers
Which of the following is NOT a characteristic of monopolistic competition?
Which of the following is NOT a characteristic of monopolistic competition?
- Product differentiation
- Many buyers and sellers
- Low barriers to entry
- Price control by a single firm (correct)
Which of the following is a potential disadvantage of monopolistic competition?
Which of the following is a potential disadvantage of monopolistic competition?
- Lack of product differentiation
- Higher prices for consumers (correct)
- No competition among firms
- Fewer choices for consumers
Which of the following is NOT an example of a market with monopolistic competition?
Which of the following is NOT an example of a market with monopolistic competition?
- Fast food restaurants
- Gas stations
- Hair salons
- Pharmaceutical companies (correct)
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