What are characteristics of monopolistic competitive market? – InterviewSolution

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What are characteristics of monopolistic competitive market?

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Answer:

MONOPOLISTIC COMPETITION, CHARACTERISTICS: The four key characteristics of monopolistic competition are:

(1) large number of small firms,

(2) SIMILAR but not identical products sold by the firms,

(3) RELATIVE freedom of entry into and EXIT out of the industry, and

(4) extensive KNOWLEDGE of prices and technology.

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