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CBSE Class 12-commerce Answered

Explain the demand curve of a firm under monopolistic competition.
Asked by Topperlearning User | 26 Apr, 2016, 07:51: AM
answered-by-expert Expert Answer

Under monopolistic competition, the firm has a negatively sloped demand curve which is more elastic. A large quantity of the product can be sold by reducing its price. It is more elastic than the demand curve of a monopoly firm because of close substitutes available in the market.

  

Answered by | 26 Apr, 2016, 09:51: AM
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