Question

Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly

Answer 1

A monopolistically competitive market is characterized by the following attributes: many sellers, product differentiation, and easy entry.

What is monopolistically competitive market?

monopolistically competitive market serves as one that the firms in the industry are producing  similar, but not perfect, substitutes products.

In this case, A monopolistically competitive market is characterized by the following attributes: many sellers, product differentiation, and easy entry.

CHECK THE COMPLETE QUESTION BELOW:

Consider the monopolistically competitive market structure, which has some features of perfect competition and some features of monopoly.

A monopolistically competitive market is characterized by the following attributes: many sellers, product differentiation, and ______.

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