Which of the following statements accurately brings out the difference between a perfectly competitive industry and a monopolistically competitive industry? a. "While there are a large number of firms in a perfectly competitive industry, a monopolistically competitive industry is dominated by one large firm." b. "Firms in a monopolistically competitive industry can only achieve competitive parity, whereas firms in a perfectly competitive industry can easily gain a competitive advantage." c. "While all firms in a perfectly competitive industry sell more or less identical products, firms in a monopolistically competitive industry offer products with unique features." d. "Sellers in a monopolistically competitive industry have no pricing power, whereas sellers in a perfectly competitive industry have the freedom to raise prices."
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Which of the following statements accurately brings out the difference between a perfectly competiti...
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