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What are the main features of monopolistic competition ?

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It is a market situation which has both the competitive elements and monopolistic elements. 

It has the following features : 

(a) There are a large number of sellers and buyers. 

(b) There is free entry and exit in the long run. 

(c) There is product differentiation i.e. each firm produces a brand that is unique and different from what other firm produces. 

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