Option c is correct. Both panel c and d depicts the situation for a profit-maximizing firm in a monopolistically competitive market.
When a large number of businesses provide rival goods or services that are comparable but imperfect alternatives, monopolistic competition exists. A monopolistic competitive industry has minimal entry requirements, and decisions made by any one firm do not immediately affect those of its rivals. The price and marketing choices made by the rival companies serve as their points of differentiation.
When numerous businesses offer products that are similar but not identical, monopolistic competition ensues.
In monopolistic competition, businesses use price and marketing methods to distinguish their goods.
In monopolistic competition, there are little expenses or other impediments that prohibit new rivals from entering a market.
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