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How is price and output determined undr monopolistic competition?​

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User Stawros
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Monopolistic competition refers to a type of economy where there is only one organization in the market. Therefore, the influence of competitors is non-existent and the consumer has little influence over price or output.

In this case, price and output are determined by the firm's equilibrium price and output, not the market.

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User Greg Giacovelli
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