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What are the features of monopolistic competition?

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What are the features of monopolistic competition?

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Features of monopolistic competition include;

  • There are many buyers and sellers which act independently
  • No barrier to entry or exit into the market. Anyone is free to join the industry at will and leave as he wishes.
  • Products sold are similar but different in terms of branding and packaging.
  • Buyers and sellers have wide  knowledge about the market i.e price, quality and quantity.
  • No single firm has control over the factors of production that can easily enable it enjoy monopoly
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