Which statement is true?

A) Monopolistic competitors have very elastic demand curves.
B) Most monopolistic competitors are very large firms.
C) Less than half of all businesses in the United States are monopolistic competitors.
D) None of these statements are true.

Elastic Demand Curves

Demand curves that show a significant change in quantity demanded when prices change, indicating sensitivity to price alterations.

Monopolistic Competitors

Firms in a market structure characterized by many sellers offering products that are similar but not identical, leading to non-price competition.

Large Firms

Entities that operate on a grand scale across various sectors, typically characterized by significant market share, extensive operations, and high revenue.