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Question
The concept of markup under monopolistic competition would best be described as the
a. attempt of firms to make their products look like those of other firms in the industry, thus marking them up in a similar style.
b. attempt of firms to mark up their prices above those of their rivals.
c. difference between total revenue and total cost of the monopolistic competitor.
d. difference between the average total cost and the price of the monopolistic competitor.
e. difference between the marginal cost and the price of the monopolistic competitor.
Answer
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