. Conditions for monopolistic competition onsider the monopolistically competiti

Question

. Conditions for monopolistic competition onsider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly. omplete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or either. Check all that apply. Attributes Product differentiation Price taker Free entry Price equals average total cost in the long run Competitive Market Monopolistically Competitive Market

Explanation / Answer

Attributes Competitive Market Monopolistically Competitive Market Product Differentiation No Yes Price Taker Yes No Free Entry Yes Yes Price equals ATC in the long run Yes Yes

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