Characteristics of a monopolistically competitive market

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Reference no: EM131906153

Many markets can be considered monopolistically competitive, often including the markets for restaurants, cereal, retail, shoes, beverage, and service industries in large cities.

The characteristics of a monopolistically competitive market are almost the same as in perfect competition, with the exception of heterogeneous products, and that monopolistic competition involves a great deal of non-price competition (based on subtle product differentiation). Explain the similarities.

Reference no: EM131906153

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