(Answered) Many markets can be considered monopolistically competitive

Economics

Many markets can be considered monopolistically competitive, often including the markets for restaurants, cereal, retail, shoes, beverage, and service industries in large cities.

The characteristics of a monopolistically competitive market are almost the same as in perfect competition, with the exception of heterogeneous products, and that monopolistic competition involves a great deal of non-price competition (based on subtle product differentiation). Explain the similarities.

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Business Economics, Economics

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