Question

Explain the features of monopolistically competitive market.

Answer 1

Explanation:

The main features of monopolistic competition are as under:

Large Number of Buyers and Sellers: There are large number of firms but not as large as under perfect competition. ...

Free Entry and Exit of Firms: ...

Product Differentiation: ...

Selling Cost: ...

Lack of Perfect Knowledge: ...

Less Mobility: ...

More Elastic Demand: