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Market Structure and Pricing — Economics STD 11 — Question

Tamilnadu BoardEnglish MediumSTD 11EconomicsMarket Structure and Pricing3 Marks
Question
Explain the features of monopolistic competition.
✓

Answer

  1. There are a large number of buyers and sellers.
  2. Firms under monopolistic competition are price makers.
  3. They produce differentiated products.
  4. There is a free entry and exit of firms.
  5. Finns compete with each other by incurring selling costs or expenditure on sales promotion.
  6. Non-price competition is an essential part of monopolistic competition.
  7. A firm can follow an independent price policy.

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