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:
“That is my major preoccupation—memory, the kingdom of memory. I want to protect and enrich that kingdom, glorify that kingdom and serve it.”
—Elie Wiesel (b. 1928)
Main Site Subjects
Related Phrases
Related Words