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Market — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsMarket2 Marks
Question
State the characteristics of monopolistic competition.
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Answer

  • In monopolistic competition :
  • There is a large number of firms and infinite (unlimited) Buyers.
  • The product of each firm is differentiated from the other products.
  • Firms are producing close substitutes products.
  • Selling cost of a product is inevitable.
  • Limited control of a firm on price.
  • Free entry for firms in a group.
  • The firms obtains normal profit in the long run.

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