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प्रश्न
Define monopolistic competition.
Define a monopolistically competitive market.
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उत्तर
Monopolistic competition is a market structure in which the number of firms is large, there is free entry and exit of firms, and the firms produce differentiated products.
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संबंधित प्रश्न
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| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
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