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14 April, 02:05

In a monopolistically competitive market A. products are undifferentiated. B. firms earn positive economic profit in the long run. C. barriers to entry are high. D. firms are price setters.

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  1. 14 April, 02:33
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    D. Firms are price setters

    Explanation:

    Under monopolistic form of competition, few sellers offer products that are close substitutes of one another. For example, different restaurants which offer almost similar services.

    Following are the salient features of a monopolistic competition.

    Large number of buyers and sellers Product Differentiation i. e products of the sellers slightly differ Free entry and exit of firms Firms are price makers

    Since the firms offer differentiated products, each firm fixes it's own price and other firms do not react.
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