A monopolistically competitive industry is like a purely competitive industry in that

A) each firm produces a standardized product.
B) nonprice competition is a feature in both industries.
C) neither industry has significant barriers to entry.
D) firms in both industries face a horizontal demand curve.

Standardized Product

Goods or services that are uniform in quality and performance, often mass-produced, allowing them to be interchangeable.

Significant Barriers

Major obstacles or impediments that prevent entities from entering a market or industry.

Horizontal Demand Curve

A demand curve representing a situation where a small change in price leads to an infinite change in quantity demanded, typically associated with perfectly competitive markets.