Major Characteristics
There are six characteristics of monopolistic competition (MC):
- Product differentiation
- Many firms
- Free entry and exit in the long run
- Independent decision making
- Market Power
- Buyers and Sellers do not have perfect information (Imperfect Information)
Read more about this topic: Monopolistic Competition
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“A major power can afford a military debacle only when it looks like a political victory.”
—Friedrich Dürrenmatt (1921–1990)