Economic Definition of monopolistic competition characteristics. Defined.
Offline Version: PDF
Term monopolistic competition characteristics Definition: The four key characteristics of monopolistic competition are: (1) large number of small firms, (2) similar but not identical products sold by the firms, (3) relative freedom of entry into and exit out of the industry, and (4) extensive knowledge of prices and technology.
« monopolistic competition and efficiency | long-run adjustment monopolistic competition »
Permalink: https://glossary.econguru.com/economic-term/monopolistic+competition+characteristics