A monopolistically competitive market has characteristics that are similar to

Asked by admin @ 26/11/2021 in Business viewed by 270 People

A monopolistically competitive market has characteristics that are similar to:a. a monopoly only.b. a competitive firm only.c. both a monopoly and a competitive firm.d. neither a monopoly nor a competitive firm.

Answered by admin @ 26/11/2021

Answer:

c. both a monopoly and a competitive firm

Explanation:

A monpolistically competitive firm is a firm that has the features of both a monopoly and a competitive firm

Characteristics of a monopoly in a monpolistically competitive firm:

1. Products are differentiated in a monpolistically competitive firm.

2. Firms are price setters.

Characteristics of perfect competition in a monpolistically competitive firm:

1. There is free entry and exist into the industry.

2. There are many sellers

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A monopolistically competitive market has characteristics that are similar to

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