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Which feature best characterizes monopolistic competition... | QuestionStock

Representative image for question: Which feature best characterizes monopolistic competition in the long run?

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Economics

Which feature best characterizes monopolistic competition in the long run?

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Which feature best characterizes monopolistic competition in the long run?

Options:

A single seller protected by high barriers to entry
Many firms with differentiated products and zero economic profit
Firms selling homogeneous products as price takers
A few firms that coordinate prices and output

Correct answer: Many firms with differentiated products and zero economic profit

Explanation: Monopolistic competition involves many firms selling differentiated products and free entry drives long-run economic profits to zero; Edward Chamberlin described this outcome in 1933.

Created 2026-03-10T18:48:39.188Z. Updated 2026-03-10T18:48:39.188Z.