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1. Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly.

1. Conditions for monopolistic competition

Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly.

Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply.

Attributes

Competitive Market

Monopolistically Competitive Market

Price taker

Product differentiation

Price is equal to marginal revenue

Few sellers

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