Which of the following statements is correct? a. Monopolistic competition is similar to monopoly because both market structures are characterized by firms being price makers rather than price takers. b. Monopolistic competition is similar to perfect competition because both market structures are characterized by perfectly elastic demand curves for firms. c. Monopolistic competition is similar to perfect competition because both market structures are characterized by differentiated products. d. Monopolistic competition is similar to oligopoly because both market structures are characterized by strategic interaction between firms in the market.
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