What are the main features of monopolistic competition ?

1.	What are the main features of monopolistic competition ?
Answer» It is a market situation which has both the competitive elements and monopolistic elements. It has the following features : (a) There are a large number of sellers and buyers. (b) There is free entry and exit in the long run. (c) There is product differentiation i.e. each firm produces a brand that is unique and different from what other firm produces.

Answer»

It is a market situation which has both the competitive elements and monopolistic elements.

It has the following features :

(a) There are a large number of sellers and buyers.

(b) There is free entry and exit in the long run.

(c) There is product differentiation i.e. each firm produces a brand that is unique and different from what other firm produces.

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