Respuesta :
Monopolistic competition is a market characterized by having many sellers, differentiated products, and ease of entry and exit from an industry.
What is Monopolistic competition?
- An industry with a lot of companies offering similar (but not identical) replacement goods or services is known as one with monopolistic competition.
- In a monopolistic competitive industry, there are few barriers to entry and exit, and no firm's decisions directly affect those of its rivals. Brand differentiation is a commercial strategy that is directly tied to monopolistic competition.
- In monopolistic competition, businesses often work to distinguish their goods in order to generate profits above the market.
- Some economists criticize the widespread use of heavy marketing and advertising by businesses under monopolistic competition as being wasteful.
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