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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