If the market for products produced by firms in a monopolistically competitive industry becomes ________,then there will be ________ firms and each firm will produce ________ output and charge a ________ price.

Question

Quizplus · Accepted Answer

In a monopolistically competitive market, as the market becomes larger, more firms can enter due to the potential for profits. Each firm will produce more output due to increased demand and competition, leading to a lower price.

If the Market for Products Produced by Firms in a Monopolistically