_____ is a market in which there are no long-run economic profits, little to no barriers to entry or exit, some control over price, and differentiated products.

Question

Quizplus · Accepted Answer

Monopolistic competition is characterized by a large number of firms, no long-run economic profits due to easy entry and exit, some degree of control over price because of product differentiation, and differentiated products which set each firm apart from the competition.

_____ Is a Market in Which There Are No Long-Run