In monopolistic competition,a firm can set the price for its product because of
A) easy entry and exit.
B) economic profits.
C) product differentiation.
D) many competitors.
E) the firm's upward sloping demand curve.

Question

Quizplus · Accepted Answer

In monopolistic competition, firms can differentiate their products from those of their competitors through branding, advertising, and packaging. This allows them to charge a higher price for their product than their competitors and still have some degree of control over the price they charge.

In Monopolistic Competition,a Firm Can Set the Price for Its