In regards to monopolistic competition, some economists argue that consumers are willing to pay a higher price in order to enjoy a wider selection of goods and services.

Question

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In monopolistic competition, firms differentiate their products in order to capture a certain market share, which leads to a wider selection of goods and services for consumers. Consumers are willing to pay a higher price for these differentiated products because they perceive them as unique and better than other options. Therefore, it is true that consumers are willing to pay a higher price in order to enjoy a wider selection of goods and services.

In Regards to Monopolistic Competition, Some Economists Argue That Consumers