In a Monopolistic Competition, each seller delivers a differentiated product which is easily different from its close substitutes. The two main features of Monopolistic Competition are development differentiation and selling expenses.
monopolistic competition guides to a market where many firs sell differentiated products. differentiation can arise from aspects of the good or service.
Product differentiation is necessary for monopolistic competition because sellers in monopolistic competitor gain their limited monopoly-like control by making a distinctive product or by convincing customers that their product is different than the competition.
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