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Explain Monopolistic competition. What are the characteristics of Monopolistic competition?
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written 2.9 years ago by
prajapatijaimin
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Solution:
Monopolistic competition:
Monopolistic competition is a mid-way between perfect competition and monopoly.
Under perfect competition, the number of sellers is very large and unlimited and under monopoly, there is an only a single seller of the product, while under monopolistic competition the number of sellers is relatively limited.
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