In monopolistic competition,firms do not have the ability to alter market price.

Name: In monopolistic competition,firms do not have the ability to alter market price.
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Question

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In monopolistic competition, firms have some degree of control over the price of their product as they differentiate their product from competitors, but they cannot completely control the market price as there are still substitutes available for consumers to choose from.

In Monopolistic Competition,firms Do Not Have the Ability to Alter