Which of the following describes a feature shared by monopolistic competition and perfect competition?
A) few firms in the industry
B) no barriers to entry or exit in the long run
C) absolute market power
D) standardized products

Question

Quizplus · Accepted Answer

Both monopolistic competition and perfect competition have no barriers to entry or exit in the long run, allowing firms to freely enter or leave the market.

Which of the Following Describes a Feature Shared by Monopolistic