Which of the following is true? Monopolistically competitive industries may have

Question

Which of the following is true?

Monopolistically competitive industries may have a concentration ratio of 100%.

Monopolistically competitive firms have a standardized product.

Monopolistically competitive firms are price makers but mutually dependent upon other firms with respect to how they set price.

All firms in a monopolistically competitive industry will make zero economic profits in the long run.

All of the above are true.

Monopolistically competitive industries may have a concentration ratio of 100%.

Monopolistically competitive firms have a standardized product.

Monopolistically competitive firms are price makers but mutually dependent upon other firms with respect to how they set price.

All firms in a monopolistically competitive industry will make zero economic profits in the long run.

All of the above are true.

Explanation / Answer

Answer:- Which of the following is true?

The correct option is:- Monopolistically competitive firms are price makers but mutually dependent upon other firms with respect to how they set price.

Reason:-

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