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Q. Which of the following are found in Monopolistic competition? Select the correct answer from fhs code given below:


A

1, 2 and 3 only
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B

1, 2, 4 and 5 only
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C

2, 4 and 5 only
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D

1, 3, 4 and 5
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Solution

The correct option is B
1, 2, 4 and 5 only
Explanation:

Feature of Monopolistic competition are:
(a) Large no. of firms.
(b) Differentiated products.
(c) Close substitutes such as soaps, cosmetics etc.
(d) Some scope of exploitation.
(e) Firms have some control over prices.
(f) Free entry and exit.
(g) No interdependence.

Economy

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