What is required for a market to be considered monopolistically competitive? How does the equilibrium in a monopolistically competitive market resemble that in a perfectly competitive market? How are they different?© BrainMass Inc. brainmass.com March 4, 2021, 6:26 pm ad1c9bdddf
A monopolistically competitive market is one in which many firms produce similar but differentiated products. Each firm gains some market power from product differentiation and thus ...
A monopolistically competitive market is explored.