Question

3. In monopolistic competition, goods have no close substitutes?​

Answer 1

Answer:

The monopolistic competition market sells differentiated products which are not identical. Each firms will have their own method to differentiate their products from other sellers to get more customers or consumers. Under monopoly market,the products produced has no close substitutes or unique.

Answer 2

${ \huge{ \boxed{ \underline{ \sf{Question}}}}}$

$\cr \sf \underline{In \: monopolistic \: competition, \: goods \: } \\ \cr \sf \underline{have \: no \: close \: substitutes?}$

${\huge {\boxed{ \underline{ \sf{Answer}}}}}$

$\cr \sf \underline{In \: a \: monopolistic \: competition \: , the \: } \\ \cr \sf \underline{ market \: deals \: is \: differentiated \: products} \\ \cr\sf \underline{ which \: are \: close \: substitutes \: of \: each \: } \\ \cr\sf \underline{ other \: due \: to \: which \: a \: monopolist \: } \\ \cr\sf \underline{ is \: only \: able \: to \: maximize \: it's \: profit} \\ \cr \sf \underline{ through \: other \: promoting \: techniques}$