A market with monopolistic competition meets three criteria. The market has several companies, but none of them are big. Second, there are no impediments to access or leave.
allowing for unrestricted entry and exit from the market. Third, every company in the market creates a unique offering.
Products and services that are slightly different. The fact that businesses operating within this system sell comparable but slightly different products is a defining characteristic of monopolistic competition.
Entry and departure from the market are free.
several businesses.
unreliable consumer knowledge.
Profits.
one supplier alone. A single provider controls a monopolistic market.
entry and exit obstacles
increaser of profits.
distinctive item
differential pricing.
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