Monopolistically competitive markets

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Reference no: EM131003384

Monopolistically competitive markets are different from perfectly competitive markets because in monopolistically competitive markets firms:

a. have some control over price, while in perfectly competitive markets firms have no control over price.

b. face substantial barriers to entry, while in perfectly competitive markets firms face no significant barriers to entry.

c. sell a standardized product, while in perfectly competitive markets firms sell a differentiated product.

d. have no control over price, while in perfectly competitive markets firms have some control over price.

Reference no: EM131003384

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