Which Aspect Of Monopolistic Competition Gives Consumers More Choice

Who sets the price in a monopolistic competition?

producers and consumers

Which helps enable an oligopoly to form within a market?

Costs of starting a competing business are too high.

The lack of competition within a monopoly means that

monopolists set their own price.

is the type of competition that occurs in a competitive market without identical producers.

Monopolistic

Which best describes the availability of substitutes in a monopoly?

here are no substitutes.

In pure competition, producers compete exclusively on the basis of

selling identical items.

Which best describes how the government sanctions technological monopolies?

by issuing a patent for the technology

Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication?

technological monopoly

If consumer sovereignty is considered greatest in a system of pure competition, why is sovereignty still limited?

Choices are driven by price when goods are identical.

Which aspect of monopolistic competition gives consumers more choice?

Few barriers to market entry exist.