Respuesta :
There is some, but not complete, control over product price for firms operating in a monopolistically competitive market because there are a large number of firms.
What distinguishes a completely competitive market from a monopolistic one?
In contrast to perfectly competitive enterprises, which produce homogenous goods, monopolistically competitive firms create differentiated goods. As a result, regardless of the cause of the product differentiation, monopolistically competitive enterprises are able to exert some control over price.
What is monopolistic imperfect competition?
It is known as imperfect (monopolistic) competition for this type of market structure. In contrast to perfectly competitive enterprises, which produce homogenous goods, monopolistically competitive firms create differentiated goods.
Why are monopolistic businesses able to regulate product prices?
As a result, regardless of the cause of the product differentiation, monopolistically competitive enterprises are able to exert some control over price. The monopolistically competitive corporation functions as a price-searcher because it somehow distinguishes its product from that of its rivals.
Learn more about monopolistically competitive markets:
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