Monopolistic competition is defined by product differentiation .explain

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asked Jun 24, 2021 44.4k views

2 Answers

Iampat · Answer 1 · 2021-06-27T08:42:12+0000

Answer:

In Monopolistic Competition, a buyer can get a specific type of product only from one producer. In other words, there is product differentiation. The firms have to incur selling expenses since there is product differentiation. There is a large number of sellers with inter-dependent demand and supply conditions

Step-by-step explanation:

Basav · Answer 2 · 2021-06-30T16:00:55+0000

Step-by-step explanation:

Product differentiation is the means used by a firm in a monopolistic competitive market with many firms selling similar products to differentiate its product from that of other firms

Monopolistic competition is defined by product differentiation .explain

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