In what way is monopolistic competition like monopoly?
A) They are both protected by a barrier to entry.
B) They are both comprised of many sellers.
C) They both have unique products.
D) They are both price searchers.

Question

Quizplus · Accepted Answer

Both monopolistic competition and monopoly are price searchers, meaning they have some control over the prices they charge for their products. However, monopolistic competition differs from monopoly in that there is no barrier to entry, and there are many sellers offering slightly differentiated products.

In What Way Is Monopolistic Competition Like Monopoly