Correct Answer: Option B

Explanation

Monopolistic competition is an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors.

The following are Characteristics of monopolistic competition

• Product differentiation.
• Many firms.
• Freedom of Entry and Exit.
• No single seller dominates the market
• Independent decision making.
• Some degree of market power.
• Buyers and sellers do not have perfect information (Imperfect Information)

• Please can somebody tell me way to pass exam? Answer this

  0 Answers   ·   Chemistry   ·   4 minutes ago
• please can someone tell me about the major topics i should read for jamb? Answer this

  12 Answers   ·   Chemistry   ·   1 day ago
• how many questions is jamb for science class? Answer this

  2 Answers   ·   Biology   ·   11 hours ago