What is the correct answer?


The concept of industry in monopolistic competition has been replaced by:

A. Firm

B. Product group

C. Producers

D. Shopkeepers

Correct Answer :

B. Product group

Product Group?In place of Marshallian concept of industry, Chamberlin introduced the concept of Group under monopolistic competition. An industry means a number of firms producing identical product. A group (product group) means a number of firms producing differentiated products which are closely related.}

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