Question
Identify four features Monopolistic Market.
Answer
- Market has many sellers and buyers
- Products sold are differentiated
- No barriers to entry
- Products are not perfect substitutes
- No firm has control over factors of production
- No interdependence in pricing between the firms
- Products sold are differentiated
- No barriers to entry
- Products are not perfect substitutes
- No firm has control over factors of production
- No interdependence in pricing between the firms
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