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Question: 1 list the five characteristics of monopolistic competitive market 2...

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1) List the five characteristics of monopolistic competitive market.

2) Explain the difference between a monopoly and a monopolistic competitive market.

3) How are they similar, and how are they different?

4) Describe the demand curve facing a monopolistic competitive market and how it differs from that facing a firm in a purely competitive market.

5) How can a firm be able to sustain itself while differentiating itself from its competitors?
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