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2 August, 19:30

Monopolistic competition means:

A) a market situation where competition is based entirely on product differentiation and advertising.

B) a large number of firms producing a standardized or homogeneous product.

C) many firms producing differentiated products.

D) a few firms producing a standardized or homogeneous product

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  1. 2 August, 22:36
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    Answer: Option C

    Explanation: In a monopolistic competition market structure, there are many producers selling their products and each product is not a perfect substitute of the other.

    The number of producers are large but each operate at a relatively smaller level. The products offered in the market are similar but not identical.

    Hence, from the above explanation we can conclude that option C is correct.
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