Identify a characteristic of a monopolistic competitive market from th
Right Answer is: C
• Monopoly- It is a form of market where there is only one firms producing a commodity.
• Duopoly- It is a form of market where there are only two firms producing a commodity.
• Oligopoly- It is a form of market where there are more than two firms
producing a commodity/commodities.
• Monopolistic competition- It is a form of market which combines
elements of both monopoly and competitive markets. It is a market where a firm have freedom of entry and exit, but firms can differentiate their products. Heavy costs are incurred to attract customers under it.