4. Which of the following is true for a monopolistically competitive industry? I. There are many fi...
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4. Which of the following is true for a monopolistically competitive industry?
I. There are many fi rms, each with a small market share.
II. The fi rms in the industry produce a standardized product.
III. Firms are price-takers.
a. I only
b. II only
c. III only
d. I and II only
e. I, II, and III
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