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
Famous quotes containing the word major:
“What was lost in the European cataclysm was not only the Jewish past—the whole life of a civilization—but also a major share of the Jewish future.... [ellipsis in source] It was not only the intellect of a people in its prime that was excised, but the treasure of a people in its potential.”
—Cynthia Ozick (b. 1928)