1
Question
A monopolistic competition is defined as that market structure in which each seller produces a _______.
A monopolistic competition is defined as that market structure in which each seller produces a _______.
Open in App
Solution
The correct option is C differentiated product
In a monopolistic
competition, the products are close substitutes of each other due to which a
monopolist is only able to maximize it's profit when the marginal cost of the
firm is equal to marginal revenue of the firm. Therefore, the producer's produces differentiated product.
In a monopolistic competition, the products are close substitutes of each other due to which a monopolist is only able to maximize it's profit when the marginal cost of the firm is equal to marginal revenue of the firm.
Therefore, the producer's produces differentiated product.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
