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Which of the following is NOT an assumption of the model of monopolistic competition model? Select one: O a. each firm is independent in its decision making O b. there is freedom of exit and entry into the industry Oc. each firm produces a product which is ldentical to that of its competitors O d. many small firms

Which of the following is NOT an assumption of the model of monopolistic competition model? Select one: O a. each firm is independent in its decision making O b. there is freedom of exit and entry into the industry Oc. each firm produces a product which is ldentical to that of its competitors O d. many small firms

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Monopolistic Competition
Section: Chapter Questions
Problem 1QCMC
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Which of the following is NOT an assumption of the model of monopolistic competition model? Select one: O a. each firm is independent in its decision making O b. there is freedom of exit and entry into the industry Oc. each firm produces a product which is identical to that of its competitors O d. many small firms
Transcribed Image Text:Which of the following is NOT an assumption of the model of monopolistic competition model? Select one: O a. each firm is independent in its decision making O b. there is freedom of exit and entry into the industry Oc. each firm produces a product which is identical to that of its competitors O d. many small firms
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