Meaning and Types of Markets — Economics STD 10 — Question
ICSE BoardEnglish MediumSTD 10EconomicsMeaning and Types of Markets1 Mark
Question
Name the characteristic which makes monopolistic competition different from perfect competition.
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Answer
The goods produced by the firms under monopolistic competition are not homogeneous like in the case of perfect competition. Firms under monopolistic competition produce differentiated products.
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