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5 August, 11:46

How is price and output determined undr monopolistic competition?

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  1. 5 August, 12:40
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    Monopolistic competition refers to a type of economy where there is only one organization in the market. Therefore, the influence of competitors is non-existent and the consumer has little influence over price or output.

    In this case, price and output are determined by the firm's equilibrium price and output, not the market.
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