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Question 311 pts Which of the following is not a characteristic of monopolistic competition? Group of...

Question 311 pts

Which of the following is not a characteristic of monopolistic competition?

Group of answer choices

firms have some influence over price

large number of competing firms

a single firm dominates the market

products sold are similar, but not identical

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Homework Answers

Answer #1

As we know that there are different types of market structures as:-

Perfect competition.

Monopoly.

Oligopoly and

Monopolistic competition.

Monopolistic competition is a market structure in which large number of firm's sell or produce differentiated products. Monopolistic competition is a market structure defined by four main characteristics: large numbers of buyers and sellers; perfect information; low entry and exit barriers; similar but differentiated goods. The concept of monopolistic competition is given by Chamberlain.

The correct option is (c).

A single firm dominates the market.

This is because in monopolistic competition large number of firm's are in market. This is the feature of monopoly market structure.

Hope you got the answer.

Kindly comment for further explanation.

Thanks ?

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