Write down three characteristics of monopolistic competition. State whether the output produced by a firm under such a market is higher, lower than or equal to that of a firm under perfect competition.

Question

The basic features of monopolistic competition are as follows:(a) Large Number of Sellers (firms) and Buyers.(b) Product...

Accepted Answer

The basic features of monopolistic competition are as follows:(a) Large Number of Sellers (firms) and Buyers.(b) Product...