Meaning and Types of Markets — Economics STD 10 — Question
ICSE BoardEnglish MediumSTD 10EconomicsMeaning and Types of Markets1 Mark
Question
Give the meaning of moriopolistic competition. Give two examples.###define monopolistic competition.
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Answer
Monopolistic competition is a market structure where the number of firms is large, there is free entry and exit of firms and the firms produce differentiated products. Example: (i) Tooth paste market (ii) Shoes (iii) Restaurant market.
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