Which of the following is a characteristic of the monopolistic competition market structure?
A) Many firms and a homogeneous product.
B) Few firms and differentiated products.
C) Few firms and similar products.
D) Few firms and a homogeneous product.
E) Many firms and differentiated products.

Question

Quizplus · Accepted Answer

In the monopolistic competition market structure, there are many firms and the products are differentiated, meaning each firm has some control over the pricing of their product due to brand loyalty or unique features.

Which of the Following Is a Characteristic of the Monopolistic