Business Studies, asked by vijiharsha9203, 1 year ago

Cross elastcity of demand for the product in monopolistic competition

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In perfect competition the cross elasticity of demand for the product of a single firm with respect to a change in the price of the rest of the industry is infinite.  The cross elasticity of demand for the product of a monopolist with respect to a fall in the price of the other products in the economy is very low.

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