One of the characteristics of monopolistic competition is...
One of the characteristics of monopolistic competition is that
There is mobility of factors of production
No single seller dominates the market
The firms are price-takers
Consumers have perfect knowledge of price
Correct answer is B
Monopolistic competition is an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors.
The following are Characteristics of monopolistic competition
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