Question

(xiii) OPEC is an example of
(A) Perfect competition.
(B) Monopolistic competition.
(C) Monopoly.
(D) Cartel​

Answer 1

Monopolistic competition differs from perfect competition primarily because:

(a) In monopolistic competition, firms can differentiate their products.

(b) In perfect competition, firms can differentiate their products.

(c) In monopolistic competition, entry into the industry is blocked.

(d) In monopolistic competition, there are relatively few barriers to entry.

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