Monopolistic competition is characterized by a:

History

1 answer:

evablogger [386]2 years ago

8 0

Monopolistic competition is characterized by a large number of firms and low entry barriers.

<h3>What is monopolistic competition?</h3>

Monopolistic competition occurs where competitive firms produces or manufactures products or services that are similar and close substitutes to one another.

The characteristics of the monopolistically competitive market includes:

1. Presence of many sellers in the market

2. Easy entrance and exit of consumers in the market

3. Differentiated products in the market.

Hence, monopolistic competition is characterized by a large number of firms and low entry barriers.

Learn more about monopolistic competition here: brainly.com/question/3520816

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