{"id":58856,"date":"2024-04-16T01:26:51","date_gmt":"2024-04-16T01:26:51","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=58856"},"modified":"2024-04-16T01:26:51","modified_gmt":"2024-04-16T01:26:51","slug":"in-monopolistic-competition","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/","title":{"rendered":"In monopolistic competition"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;There are some firms selling differentiated product&#8221; option2=&#8221;There are many firms selling similar goods&#8221; option3=&#8221;There are some firms selling same product&#8221; option4=&#8221;There are many firms selling differentiated product&#8221; correct=&#8221;option2&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>B. There are many firms selling similar goods.<\/strong><\/p>\n<p>In monopolistic competition, there are many firms selling similar but not identical goods. This means that each firm has some control over its price, but it also faces competition from other firms selling similar products. As a result, firms in monopolistic competition will typically earn a profit that is less than the profit that a firm would earn in a monopoly market.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>Option A: There are some firms selling differentiated product. This is not correct, because in monopolistic competition, there are many firms selling similar goods.<\/li>\n<li>Option B: There are many firms selling similar goods. This is the correct answer, as explained above.<\/li>\n<li>Option C: There are some firms selling same product. This is not correct, because in monopolistic competition, firms sell similar but not identical goods.<\/li>\n<li>Option D: There are many firms selling differentiated product. This is not correct, because in monopolistic competition, firms sell similar but not identical goods.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;There are some firms selling differentiated product&#8221; option2=&#8221;There are many firms selling similar goods&#8221; option3=&#8221;There are some firms selling same product&#8221; option4=&#8221;There are many firms selling differentiated product&#8221; correct=&#8221;option2&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-58856","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>In monopolistic competition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In monopolistic competition\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;There are some firms selling differentiated product&#8221; option2=&#8221;There are many firms selling similar goods&#8221; option3=&#8221;There are some firms selling same product&#8221; option4=&#8221;There are many firms selling differentiated product&#8221; correct=&#8221;option2&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T01:26:51+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"In monopolistic competition","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/","og_locale":"en_US","og_type":"article","og_title":"In monopolistic competition","og_description":"[amp_mcq option1=&#8221;There are some firms selling differentiated product&#8221; option2=&#8221;There are many firms selling similar goods&#8221; option3=&#8221;There are some firms selling same product&#8221; option4=&#8221;There are many firms selling differentiated product&#8221; correct=&#8221;option2&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T01:26:51+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/","url":"https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/","name":"In monopolistic competition","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T01:26:51+00:00","dateModified":"2024-04-16T01:26:51+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/in-monopolistic-competition\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"Economics","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/economics\/"},{"@type":"ListItem","position":4,"name":"In monopolistic competition"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/58856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=58856"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/58856\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=58856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=58856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=58856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}