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Monopolistic Competition

In monopolist...

Question

In monopolistic competition goods have no close substitutes.

A

True

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B

False

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Solution

The correct option is B False
False.
In a monopolistic competition, the market deals is differentiated products which are close substitutes of each other due to which a monopolist is only able to maximize it's profit through other promoting techniques

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Q. Firm's demand curve shows highest elasticity in a state of monopolistic competition (in which there is a large number of close substitutes) than in a state of monopoly or perfect competition.

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What is Monopolistic Competition? Explain in detail the features of Monopolistic Competition.

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Q.
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