Principle of Economics
Question for Review
The three attributes of monopolistic competition:
The monopolistic competition is like monopoly in the product differentiation, each firm’s product have at least slight difference. So, like in the monopoly, firms in monopolistic competition aren’t price taker thus they face downward-sloping demand curve.
The monopolistic competition is like perfect competition in the number of sellers in a market and the easiness to entry and exit the market. Both monopolistic competition and perfect competition have many sellers for a market.
Problems and Applications (Page 345)
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