Question

A monopolistically competitive firm chooses a. the quantity of output to produce, but the price of its output is determined by demand. b. the price, but competition in the market determines the quantity. c. the quantity of output to produce, but all firms in the market agree upon a single price. d. the price, but output is determined by a cartel production quota.

Answer 1

Answer:

B the price, but competition in the market determines the quantity

Explanation:

In this type of market the price of the product is determine by the firm and do not compete with it rivalry. The decision regarding price and output of any firm does not affect the behavior of other firms in a group