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What is the Model of Monopolistic Competition (i.e Imperfect competition) characterized by?

This question is part of Microeconomics Practice Test
Asked by Muhammadakram, Last updated: Sep 13, 2020

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3 Answers

prakash subedi

prakash subedi

prakash subedi
Prakash subedi

Answered Apr 26, 2018

In monopolistic competition closely substitute goods are produced which are slightly differentiated.

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jarem

jarem

jarem
Jarem

Answered Jun 28, 2018

In monopolistic competition closely substitute goods are produced which are slightly differentiated but let us note that a homogeneous product is one that cannot be distinguished from competing products from different suppliers. Also said a homogenous product is one that is slightly diffrentiated from other similar products In other words, the product has essentially the same physical characteristics and quality as similar products from other suppliers. One product can easily be substituted for the other.

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John Smith

John Smith

John Smith
John Smith

Answered Sep 15, 2016

Differentiated goods

In monopolistic goods are differentiated and the firm faces downward sloping demand curve i.e with every increase(decrease) in price there is decrease(increase) in quantity.
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