MONOPOLISTIC COMPETITION CHARACTERISTICS: The four key characteristics of monopolistic competition are: (1) large number of small firms, (2) similar but not identical products sold by the firms, (3) relative freedom of entry into and exit out of the industry, and (4) extensive knowledge of prices and technology. See also | monopolistic competition | monopolistic competition and demand | monopolistic competition and efficiency | substitute | product differentiation | barrier to entry | economic profit | normal profit | perfect competition | monopoly characteristics | perfect competition characteristics |
