Monopolistic competition means Select one: O a. a market situation where competition is based entirely on product differentiation and advertising. O b. a large number of firms producing a standardized or homogeneous product. O c. many firms producing differentiated products. O d. a few firms producing a standardized or homogeneous product.Broadly defined, technological advance Select one: 13 a. can occur in the short run, long run, or veryr long run. O b. comprises new and improved goods and services and/or new and improved ways of producing or distributing them. O c. includes invention but not innovation or diffusion. G d. includes product innovation but not process innovation