Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 13 - Monopolistic Competition and Oligopoly - Discussion Questions: 3

Answer

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Work Step by Step

Monopolistic competition is limited because it is not just one firm controlling the market entirely. (There are other options.) As a result, there is a limit to the extent to which the majority firm in the market can control the prices.
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