Mike is about to start up a business in a monopolistically competitive market. He can expect to find entry into the market to be ____, the number of competitors to be ____, and the product he sells to be ____.

Question

Quizplus · Accepted Answer

Monopolistically competitive markets typically have a large number of competitors, but still allow for entry into the market. The products sold in these markets are differentiated, meaning that there are some differences in the products that allow for firms to have some control over the market share.

Mike Is About to Start Up a Business in a Monopolistically