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15 September, 02:35

Which set of characteristics below best describes the basic features of monopolistic competition? A. Easy entry, many firms, and standardized products B. Barriers to entry, few firms, and differentiated products C. Easy entry, many firms, and differentiated products D. Easy entry, few firms, and standardized products

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  1. 15 September, 03:08
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    C. Easy entry, many firms, and differentiated products

    Explanation:

    The monopolistic market structure combines the features of a monopoly and those of perfect competition. Monopolistic markets are more common than pure or perfect competition and monopolies. In monopolistic markets, each firm tries to make its product unique and different from the competitors. Other characteristics of this market structure include.

    A large number of sellers A large number of Buyers Freedom of entry or exit Non-price competition: Each firm sets its prices.
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