Name any two features of Monopolistic competition which are monopolist in nature.
1. Firm is a price maker. What will be the second?
1. Large no. of small sellers
2. Huge sellong cost
3. Lack of perfect knowledge among buyers
4. Firm is neither a price taker nor a price maker. However, it has limited control over the pricing of the product as far as the branding is concerned i.e. the extent of power to control the price depends upon how strongly the buyers are attached to the brand.
5. Freedom of entry and exit of firms
6. Downward sloping demand curve
7. Differentiated products