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13 August, 21:42

A monopolistically competitive market has characteristics that are similar to a. a monopoly only. b. a competitive firm only. c. both a monopoly and a competitive firm. d. neither a monopoly nor a competitive firm.

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  1. 13 August, 22:00
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    The correct answer is c. both a monopoly and a competitive firm.

    Explanation:

    Monopolistic competition is an imperfect type of competition in which there is a high number of sellers in the market that have a certain power to influence the price of their product.

    The products offered are characterized by having some differentiation and it is precisely this differentiation that makes these companies enjoy a certain market power, have a certain voice when it comes to setting their prices and are not merely "price-acceptors", as in the case of perfect competition. Therefore, the graphic representation of monopolistic competition will be that of the right, imperfect competition.
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