The typical monopolistic competitor

A) is a large firm.
B) may be a drugstore,restaurant,gas station,or dry cleaner.
C) never advertises.
D) has a local monopoly.

Monopolistic Competitor

A market structure where many firms sell products or services that are similar but not identical, allowing for significant differentiation among them.

Local Monopoly

A situation where a single firm has significant control or is the only provider of a product or service in a particular local market, limiting competition.

Drugstore

is a retail shop where medications, as well as other household items and cosmetics, are sold.