Maharashtra State BoardHSC Arts 12th Board Exam
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State Whether the Following Statements Are True Or False with Reason: No Monopolistic Competition is Found in Real Life. - Economics

State whether the following statements are True or False with reason: 

No monopolistic competition is found in real life. 

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Solution

 False, monopolistic competition is found in real life.
Explanation:
Monopolistic competition is a type of a market which is realistic in nature. Its features are found to exist in real life as well such as free entry and exit of consumers and sellers, close substitutes, product differentiation. etc.

Concept: Meaning and Features of Macro Economic
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