Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 13 - Monopolistic Competition and Oligopoly - Discussion Questions: 4

Answer

The answer is below.

Work Step by Step

This can be true, for there are more factors in the decision to buy a product than just price. Thus, even if a few companies control a market, people can choose substitutes that are less or more expensive and less or more effective.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.