\r\n It is difficult to define a monopolistically competitive market and to determine the firms and products that comprise it <\/div>\r\n
\r\n When product differentiation is slight, each firm's demand curve is nearly horizontal so the perfectly competitive solution provides an adequate approximation to the monopolistically competitive solution <\/div>\r\n
\r\n When there are strong brand preferences and few producers of many differentiated products, or when there are many producers but only a few compete as rivals for any given consumer, the oligopoly solution then provides an adequate approximation to the monopolistically competitive solution <\/div>\r\n
\r\n All of the above <\/div>\r\n \r\n \r\n
Answer is Right!<\/div>\r\n
Answer is Wrong!<\/div>\r\n <\/div>\r\n\r\n