A monopolistically competitive industry is like a purely competitive industry as neither industry has significant barriers to entry. The Option C is correct.
From the phrase "Monopolistic competition", this kind of competition exists when many companies offer competing products or services that are similar but not perfect, substitutes. The main barriers to entry in the monopolistic competitive industry are low and the decisions of any one firm do not directly affect its competitors.
A purely competitive industry means a marketing situation in which there are a large number of sellers of a product which cannot be differentiated and no one firm has a significant influence on price.The prevailing conditions of this industry are ease of entry of new firms into the market and perfect market information.
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