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3 peature of a monopoly
1. Large number of firms: The number of firms under monopolistic competition is very large. But the size of each firm is very small. The number of buyers is also large. 2. [ Product differentiation: Under monopolistic competition, each firm produces a differentiated product. Products are close substitutes but not perfect substitutes. Products are alike but not equal3. Free entry and exit: Firms under monopolistic competition are free to join and leave the industry. They produce close substitutes. Each firm is a monopolist regarding its own product. They command a meager amount of
resources. ]
Expert answered|selymi|Points 8092|
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Asked 4/25/2012 3:41:32 AM
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