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Question
What are the features of monopolistic competition?
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Solution
The
main features of monopolistic competition are as under:
1. Large
Number of Buyers and Sellers
2. Free
Entry and Exit of Firms
3. Product
Differentiation
4. Selling
Costs
5. Lack
of Perfect Knowledge
6. Less
Mobility
7. More
Elastic Demand
The main features of monopolistic competition are as under:
1. Large Number of Buyers and Sellers
2. Free Entry and Exit of Firms
3. Product Differentiation
4. Selling Costs
5. Lack of Perfect Knowledge
6. Less Mobility
7. More Elastic Demand
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