A characteristic of monopolistic competition is that each firm

Name: A characteristic of monopolistic competition is that each firm
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In monopolistic competition, each firm differentiates its product from those of its competitors, which gives it some control over its pricing. This results in a downward-sloping demand curve, as the firm can increase its price without losing all its customers, unlike in perfect competition where the demand curve is perfectly elastic.

A Characteristic of Monopolistic Competition Is That Each Firm