IDNLearn.com offers a unique blend of expert answers and community-driven insights. Ask anything and receive prompt, well-informed answers from our community of knowledgeable experts.
Sagot :
Monopolistic competition is an industry that is categorized by many firms that produce similar but differentiated products and have easy entry and exit.
In this type of industry, there will be firms that offer competing products and services. These products and services may not be the exact substitute but they will be similar. The barriers to monopolistic competition firms are low. The decision taken by one firm does not affect the decision taken by the other firm.
The competing firms in this industry differentiate themselves based on marketing and pricing decisions. This type of competition exists between monopoly competition and perfect competition and combines some elements of both. Clothing, Hair salons, and Restaurants are examples of industries with monopolistic competition.
Learn more about the monopolistic competition here:
https://brainly.com/question/2491257
#SPJ4
.
We appreciate your presence here. Keep sharing knowledge and helping others find the answers they need. This community is the perfect place to learn together. For dependable answers, trust IDNLearn.com. Thank you for visiting, and we look forward to helping you again soon.
