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    Question

    Pick out the wrong

    statement.
    A Heterogenous and differentiated form of a commodity is noticed in monopolistic competition Correct Answer Incorrect Answer
    B Different trade marks are used in monopolistic competition Correct Answer Incorrect Answer
    C Different prices prevail for the same basic product Correct Answer Incorrect Answer
    D Sellers in monopolistic competition mutually agree to charge a common price Correct Answer Incorrect Answer

    Solution

    Sellers in monopolistic competition mutually agree to charge a common price - This statement is incorrect. Monopolistic competition is characterized by a number of sellers offering similar but not identical products, thus there is no mutual agreement to charge a common price.

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