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Question
Monopolistic competition is a form of market in which there are large number of sellers of a product with each seller selling ______.
Options
homogeneous product
differentiate products which are entirely different from each other
perfect substitutes
differentiated products which are close substitutes to the product of others
MCQ
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Solution
Monopolistic competition is a form of market in which there are large number of sellers of a product with each seller selling differentiated products which are close substitutes to the product of others.
Explanation:
In monopolistic competition, there are many sellers offering differentiated products, which are similar but not identical. These products serve as close substitutes for each other.
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