Answer to Question #224946 in Microeconomics for enny

Question

Give five (5) characteristics of a monopolistic market.

Answer 1

a)It has a large number of buyers and sellers

b)There is freedom of entry and exit

c)The products sold vary in terms of shapes,sizes,and quality

d)Buyers and sellers have imperfect knowledge about the market

e) Advertising: heavy advertising of products is done in the monopolistic market