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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.

Q. Give reasons or explain:

1. Single price prevails in perfect competition.

2. Price discrimination is possible under monopoly.

3. Selling cost is incurred by a firm in Monopolistic competition.

4. A monopolist can control the supply of goods.

5. Sellers and the buyers are price takers in perfect competition.

Q. Define monopolistic competition. In what way does it differ from perfect competition?

Q.
Define monopolistic competition.

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