If buyers of a monopolistically competitive product feel the products of different sellers have few differences between them, then the demand for each seller's product is relatively elastic.

Question

Quizplus · Accepted Answer

In a monopolistically competitive market, if consumers perceive products from different sellers as similar, they are more willing to switch between sellers based on price changes, making the demand for each seller's product more elastic.

If Buyers of a Monopolistically Competitive Product Feel the Products