Monopolistic competition is the result of control of markets by business, not consumer demands.

Question

Quizplus · Accepted Answer

Monopolistic competition is actually the result of consumer demands and preferences. In this type of market structure, businesses differentiate their products or services to appeal to specific groups of consumers, creating competition and potentially leading to monopolies in certain niches. It is not the result of businesses controlling markets.

Monopolistic Competition Is the Result of Control of Markets by Business