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24 November, 20:58

The number of firms in a monopolistically competitive market means that

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  1. 24 November, 21:13
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    The number of firms in a monopolistically competitive market means that each firm has a small share of the market, since there are many firms within the market. Monopolistic competition is imperfect competition where many producers will sell products that are only differentiated from one another by quality or branding. Due to them being different based on branding and especially quality, they can not be perfect substitutes for one another.
  2. 24 November, 21:22
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    It means that each firm has a small share of the market, since there are many firms in the market
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