Question

Monopolistic competition is different from perfect competition mainly because

a.

in monopolistic competition, there are relatively few barriers to entry.

b.

in monopolistic competition, firms can differentiate their products.

c.

in perfect competition, firms can differentiate their products.

d.

in monopolistic competition, entry into industry is blocked.

Answer: (b).in monopolistic competition, firms can differentiate their products.

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Q. Monopolistic competition is different from perfect competition mainly because

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