Which of the following is the best description of monopolistic competition?
A) easy entry,low markup
B) barriers to entry,high markup
C) horizontal demand curve for the firm
D) firm has no control over price
E) barriers to entry,low markup

Question

Quizplus · Accepted Answer

Monopolistic competition is characterized by easy entry into the market and relatively low markup due to the presence of many competitors, each offering slightly differentiated products.

Which of the Following Is the Best Description of Monopolistic