Monopolistic competition is associated with

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Monopolistic competition is characterized by product differentiation, meaning that firms offer slightly different products or services to differentiate themselves from competitors. This leads to price-setting behavior rather than price-taking, as each firm has some control over the price of their product due to its unique characteristics. However, firms must also consider the pricing decisions of their competitors in order to remain competitive. Profit margins in the long run are typically not as high as in monopoly, but can still be positive. Increasing returns to scale are not typically associated with monopolistic competition.

Monopolistic Competition Is Associated with