How do consumers benefit from monopolistic competition?
A)By being able to choose from products more closely suited to their tastes.
B)By paying the lowest possible price for the product.
C)By paying the same price as everyone else.
D)By being able to purchase high-quality products at low prices.

Question

Quizplus · Accepted Answer

In monopolistic competition, there are many firms producing differentiated products. This creates a wide variety of options for consumers to choose from, allowing them to find products that closely suit their tastes and preferences. As a result, consumers can benefit from having more choices and a greater likelihood of finding a product that meets their needs.

How Do Consumers Benefit from Monopolistic Competition