Question

Monopolistic competition is defined by product differentiation .explain

Answer 1

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:

Answer 2

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