Characteristics of a monopolistically competitive market include all of the foll

Question

Characteristics of a monopolistically competitive market include all of the following except 1) some influence over price 2) A large number of sellers 3) differentiated products 4) barriers to entry Characteristics of a monopolistically competitive market include all of the following except 1) some influence over price 2) A large number of sellers 3) differentiated products 4) barriers to entry 1) some influence over price 2) A large number of sellers 3) differentiated products 4) barriers to entry

Explanation / Answer

Characteristics of a monopolistically competitive market include all of the following except

1) some influence over price

2) A large number of sellers

3) differentiated products

4) barriers to entry

Answer is 4) barriers to entry

A monopolistically competitive market have the characteristic of a large number of sellers. They produce some differentiated products and have some influence over the price of their product. There is free entry and exit in a monopolistically competitive market. There is no barriers to entry in a monopolistically competitive market.

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