Which of the following is NOT a characteristic of monopolistic competition?

Question

Quizplus · Accepted Answer

In monopolistic competition, firms have some control over the price of their product, and may even operate at a price above their marginal cost in order to earn an economic profit. However, they are still subject to competition from other firms producing similar but not identical products, so they cannot completely set the price themselves like a monopoly would be able to. Therefore, choice D is not a characteristic of monopolistic competition.

Which of the Following Is NOT a Characteristic of Monopolistic