Monopolistic competition is characterised by the enforcement of a single market price established by the only seller in the market.

Name: Monopolistic competition is characterised by the enforcement of a single market price established by the only seller in the market.
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Question

Quizplus · Accepted Answer

Monopolistic competition is characterized by multiple firms competing with differentiated products, meaning each firm has some control over its own price. There is not a single seller in the market in monopolistic competition.

Monopolistic Competition Is Characterised by the Enforcement of a Single