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Unlike a monopolistic firm's product, a monopolistically competitive firm's product

jacksonfive09

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Unlike a monopolistic firm's product, a monopolistically competitive firm's product

Question 1.

Apple improves the resolution of its iPhone camera by doubling the number of megapixels. This is an example of vertical differentiation.

▸ true

▸ false

Question 2.

Unlike a monopolistic firm's product, a monopolistically competitive firm's product

▸ is homogeneous.

▸ is a unique product.

▸ has many close substitutes.

▸ has no close substitutes.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

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Helped a lot

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