The large number of close substitutes available to consumers means that the firms in a monopolistically competitive industry face a highly elastic demand curve.

Name: The large number of close substitutes available to consumers means that the firms in a monopolistically competitive industry face a highly elastic demand curve.
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In monopolistic competition, many firms offer products that are similar but not identical, leading to many substitutes and making the demand curve more elastic.

The Large Number of Close Substitutes Available to Consumers Means