Which of the following characteristics provide a monopolistically competitive firm some monopoly power?

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Product differentiation allows a firm to have some degree of market power and control over the price of its product, similar to a monopolist. This is because consumers may be willing to pay a higher price for a differentiated product, even if substitutes exist, due to perceived differences in quality, features, or branding. The other options listed do not necessarily provide a monopolistically competitive firm with monopoly power. Significant barriers to entry would typically lead to a more concentrated market structure and potentially give market power to a few large firms (leading to oligopoly or monopoly), while a low concentration ratio suggests that there are many firms competing on a relatively equal basis. Price discrimination is a strategy that can be used by both monopolies and monopolistically competitive firms, but it does not necessarily give them market power.

Which of the Following Characteristics Provide a Monopolistically Competitive Firm