The model of monopolistic competition is:
A) a combination of monopoly and competition.
B) the same as a model of monopoly.
C) the same as a model of perfect competition.
D) unlike other models.

Question

Quizplus · Accepted Answer

Monopolistic competition is a model that combines elements of both monopoly and competition. It is characterized by a large number of firms, low barriers to entry, and differentiated products. This allows firms to have some market power, but they still face competition from other firms offering similar products.

The Model of Monopolistic Competition Is