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Question

A monopolistic competitive firm follows a /an __________________.


A
Dependent price policy
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B
Independent price policy
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C
Dual price policy
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D
Penetrating price policy
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Solution

The correct option is B Independent price policy
Monopolistic competition is a situation where there are a large number of firms selling closely related products. There is also restrictions on entry and exit of firms. Everybody has the freedom to set their prices of their choices. Hence, a monopolistic competitive firm follows an independent price policy.

Economics

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