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Product differentiation is the most important feature of
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- pure competition
- monopolistic competition
- monopoly
- oligopoly
- pure competition
Correct Option: B
There are six characteristics of monopolistic competition (MC): (a) Product differentiation; (b) many firms; (c) Free entry and exit in the long run; (d) Independent decision making; (e) market power; and (f) Buyers and Sellers do not have perfect information.
