Under monopolistic competition the products are
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Since in Monopolistic Competition, products are close
substitutes of each other, they have high positive cross-elasticities. The market for the product of one firm is not separate from the markets of its rival firms.
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Monopolistic competition characterizes an industry in which many firms offer products or services that are similar, but not perfect, substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors.
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