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Which of the following is not a characteristic of a monopolistically competitive market? A Free entry and exit B Abnormal profits in the long run C Many sellers D Differentiated products

Which of the following is not a characteristic of a monopolistically competitive market?

A

Free entry and exit

B

Abnormal profits in the long run

C

Many sellers

D

Differentiated products

 
 
 

Grade:8

2 Answers

Vikas TU
14149 Points
9 months ago
Dera student 
Monopolistic competition characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors.Monopolistic competition is a market structure where there are large number of sellers selling differentiated products. There is also no barriers to entry. Every body can fix the price as per their choice. Hence, abnormal profits in the long run is not a characteristic of a monopolistically competitive market.
ankit singh
askIITians Faculty 614 Points
9 months ago

Monopolistic competition is a market structure where there are large number of sellers selling differentiated products. There is also no barriers to entry. Every body can fix the price as per their choice. Hence, abnormal profits in the long run is not a characteristic of a monopolistically competitive market.

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