In contrast to perfect competition, in monopolistic competition:
A) entry and exit are easy.
B) there are many firms.
C) products are differentiated.
D) to maximize profits, a firm will produce where MR = MC.

Question

Quizplus · Accepted Answer

In monopolistic competition, products are differentiated, which is a key distinction from perfect competition where products are homogeneous.

In Contrast to Perfect Competition, in Monopolistic Competition