Ownership of a key resource by a single firm is a characteristic of monopolistic competition.
What do you mean by monopolistic competition?
- Monopolistic competition is a sort of imperfect competition when numerous manufacturers compete with one another yet sell various items that are not exact substitutes for one another.
- There must be a lot of businesses, similar but not identically substitutable goods, low entry barriers, and imperfect knowledge for monopolistic competition to exist.
- Monopolistically competitive markets are so-called because, despite some degree of competition amongst businesses for the same client base, each business's product differs slightly from that of the others, giving each business a kind of mini-monopoly.
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