What is a key difference between a perfectly competitive market and a monopolistically competitive market?
A) Perfectly competitive markets have identical products, but monopolistically competitive markets have slightly differentiated products.
B) Perfectly competitive markets have difficult entry and exit, but monopolistically competitive markets have easy entry and exit.
C) Perfectly competitive markets have many buyers and sellers, but monopolistically competitive markets have only a few sellers.
D) Perfectly competitive markets have imperfect information, but monopolistically competitive markets have perfect information.
Correct Answer:
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