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Monopolistic Competition is competition ...

Monopolistic Competition is competition with differentiated products? Explain

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An important characteristic of monopolistic competition is product differentiation. The competing firms produce products which are close but not perfect substitutes of each other. The products are differentiated on the basis of brand, size, colour, shape, etc. It is on account of this product differentiation, firms have to impur huge selling costs to complete with other firms. So, it is rightly said that 'Monopolistic Competition is compettion with diferentiated products'
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