What Is Monopolistic Competition? What Are Its Characteristics?

What Is Monopolistic Competition?

Monopolistic competition suggests an economic market. This market involves competitors providing similar but slightly different products

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Characteristics Of Monopolistic Competition

A basic characteristic of monopolistic competition is that the products competing under this structure are usually similar.

Free Entry And Exit From The Market

More Alternatives For Customer Means More Option

Low Level Of Customer’s Product Knowledge

Profit In a Monopolistic Market