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14 March, 02:45

Firms gain control over price in monopolistic competition by A) blocking entry of other firms into the industry. B) producing a product for which there are no close substitutes. C) differentiating their products. D) colluding with other firms to set prices.

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  1. 14 March, 03:37
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    Answer: Firms gain control over price in monopolistic competition by "C) differentiating their products.".

    Explanation: Monopolistic competition is an imperfect type of competition in which there is a high number of sellers in the market. The products offered are characterized by having some differentiation and it is precisely this differentiation that makes these companies enjoy a certain power of market, have a certain voice when setting their prices and are not merely "price-acceptors", as in the case of perfect competition.
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Home » Business » Firms gain control over price in monopolistic competition by A) blocking entry of other firms into the industry. B) producing a product for which there are no close substitutes. C) differentiating their products.
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