This Question 1 pt 10 of 45 3 completeV Consumers benefit fr

This Question: 1 pt 10 of 45 (3 complete)V Consumers benefit from monopolistic competition by Sho Long O A. being able to choose from products more closely suited to their tastes ( B. paying the lowest possible price for the product O C. being able to purchase high quality products at low prices O D. paying the same price as everyone else 1. fir ir con

Solution

Monopolistic competition is known by following features:

1. Large no. of buyers and sellers

2. Product Differentiation

3. Free entry and exit of the firms

4. Selling cost: Firms tries to promote their product through different promotions.

5. Lack of perfect knowledge among the firms regarding the quality and price of the product by another firm.

Give, selling cost feature of the firms and the differentiated product being sold in the market, the consumers are able to buy high-quality products at a lower price.

Thus, Option C seems to be the correct answer.