Unlike a monopolistic firm's product, a monopolistically competitive firm's product

A) is homogeneous.
B) is a unique product.
C) has many close substitutes.
D) has no close substitutes.

Monopolistic Firm

A single firm that dominates a particular market or industry, often characterized by the absence of competition, which results in high prices and inferior products.

Monopolistically Competitive Firm

A Monopolistically Competitive Firm operates in a market structure characterized by many firms offering products that are similar but not identical, allowing for some degree of market power in setting prices.

Homogeneous

A description of products or services that are identical in quality and cannot be distinguished from one another by consumers.