The "monopoly" in monopolistically competitive markets is most likely a result of firms having some pricing power due to product differentiation.

Name: The "monopoly" in monopolistically competitive markets is most likely a result of firms having some pricing power due to product differentiation.
Brand: Quizplus
Rating: 4.8 (43 reviews)

Question

Quizplus · Accepted Answer

In monopolistically competitive markets, firms have some degree of monopoly power due to product differentiation, which allows them to set prices above marginal cost, unlike in perfect competition.

The "Monopoly" in Monopolistically Competitive Markets Is Most Likely a Result