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Monopolistic competition is characterized by a:
A. few dominant firms and low entry barriers.
B. large number of firms and substantial entry barriers.
C. large number of firms and low entry barriers.
D. few dominant firms and substantial entry barriers.

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Ayokenny2001idn

Monopolistic competition is characterized by a large number of firms and low entry barriers.

What is monopolistic competition?

Monopolistic competition occurs where competitive firms produces or manufactures products or services that are similar and close substitutes to one another.

The characteristics of the monopolistically competitive market includes:

1. Presence of many sellers in the market

2. Easy entrance and exit of consumers in the market

3. Differentiated products in the market.

Hence, monopolistic competition is characterized by a large number of firms and low entry barriers.

Learn more about monopolistic competition here: https://brainly.com/question/3520816

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