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Which of the following is NOT true of monopolistic competition? (a) Firms produce a good that is a perfect substitute for their competitors' goods. (b)

Which of the following is NOT true of monopolistic competition?

(a) Firms produce a good that is a perfect substitute for their competitors' goods.
(b) Firms can compete on price and quality.
(c) There is free entry and exit.
(d) There are a large number of firms.

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