What is this market structure that allow firms to produce the amount of the goods consistent with what is desired by the consumers and still maximize economic profits A. pure competition B. monopolistic competition C. olligopoly D. monopoly

What is this market structure that allow firms to produce the amount of the goods consistent with what is desired by the consumers and still maximize economic profits A. pure competition B. monopolistic competition C. olligopoly D. monopoly

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Definition Definition Form of market structure in which there are a large number of sellers of a particular product, with each seller selling somewhat differentiated but close substitutes to the product sold by other sellers. Features of monopolistic competition include: Large number of buyers and sellers Differentiated products Free entry and exit of the firms in the market

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