Welcome to Westonci.ca, the place where your questions are answered by a community of knowledgeable contributors. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
Monopolistic competition is characterized by a large number of firms and low entry barriers.
What is monopolistic competition?
Monopolistic competition occurs where competitive firms produces or manufactures products or services that are similar and close substitutes to one another.
The characteristics of the monopolistically competitive market includes:
1. Presence of many sellers in the market
2. Easy entrance and exit of consumers in the market
3. Differentiated products in the market.
Hence, monopolistic competition is characterized by a large number of firms and low entry barriers.
Learn more about monopolistic competition here: https://brainly.com/question/3520816
We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.