In a monopolistically competitive industry, good product substitutes are available whereas in a monopoly they are not available.

Name: In a monopolistically competitive industry, good product substitutes are available whereas in a monopoly they are not available.
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Question

Quizplus · Accepted Answer

In a monopolistically competitive industry, firms sell products that are similar but differentiated, meaning consumers can find substitutes. In a monopoly, the single firm offers a unique product with no close substitutes available.

In a Monopolistically Competitive Industry, Good Product Substitutes Are Available