Question: 1 list the five characteristics of monopolistic competitive market 2...
Question details
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?
Solution by an expert tutor
