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Which of the following statements is true?
In monopolistic competition, the demand curve is relatively elastic. are banking
In monopolistic competition, the demand curve is relatively inelastic.
In monopolistic competition, the demand curve is perfectly elastic.
In a monopolistic competition, the demand curve is perfectly inelastic.
Option (1) is correct. Explanation: Under monopolistic competition firm is a price maker and due to close substitutes available in the market, the demand curve is more elastic than monopoly but not perfectly elastic demand curve.
By: Parvesh Mehta ProfileResourcesReport error
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