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Jackie Gonzalez
on Oct 26, 2024

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The main characteristic that distinguishes monopolistic competition from perfect competition is:

A) easy entry and exit.
B) many firms.
C) differentiated products.
D) that in perfect competition,to maximize profits,a firm will produce where MR = MC.

Monopolistic Competition

A trading structure inhabited by many corporations pushing products that are analogous but not carbon copies, which affords them a degree of control over the market.

Differentiated Products

Goods that are fundamentally similar but are distinguished from each other by characteristics like quality, branding, and features.

Perfect Competition

A market structure characterized by many sellers and buyers, homogeneous products, and the absence of barriers to entry or exit.

  • Identify the impact of product differentiation on monopolistic competition.
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Samjhana BhusalOct 27, 2024
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