Kaisyn2020 Kaisyn2020

26-11-2021
Business

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a monopolistically competitive market is characterized by

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Tundexi Tundexi

02-12-2021

Typically, the monopolistically competitive market have the attributes of having many firms, differentiated products and free entry/exit.

A monopolistic competition occurs when competitive firms produces or manufactures products or services that are similar and substitutes.

The characteristics of the monopolistically competitive market includes:

There are presence of many sellers in the market
There is easy entrance and exit of consumers in the market
There are differentiated products in the market

In conclusion, the monopolistically competitive market is characterized by having many firms, differentiated products and free entry/exit.

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