Question: Choose the most correct answer from the alternatives provided: i) There is a small number of competitors in the monopolistic competitive market. ii) A monopoly's
Choose the most correct answer from the alternatives provided:
i) There is a small number of competitors in the monopolistic competitive market.
ii) A monopoly's product has no substitutes.
iii) A change in tastes, income and the price of a product can lead to a shift in the demand curve.
iv) Monopolistic competitive firms can make an economic profit in the short-run.
v) A free market competitor maximizes profit where marginal cost is equal to price.
A i, iii & iv
B ii, iv & v
C i, iii & v
D i & iii
E i, ii, iii & v
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