A feature of monopolistic competition is
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of a differentiated product. Because of these two features, models of monopolistic competition combine the simplicity of decision-theoretic models with the notion of competition and rivalry prevalent in strategic (or game-theoretic) models.3 The model presented here uses a setting similar to Reinganum (1981a, 1981b).
Jul 11, 2019 · A typical feature of Monopolistic Competitive markets is that the freedom of entry and high profits encourage firms to enter the market eventually causing the earnings to average out in the long run. The inelastic demand curve defines this condition, and therefore the firms are free to set their prices.