Nisha Sharma posted an Question
September 29, 2021 • 22:40 pm 30 points
  • UGC NET
  • Commerce

Why there is highly elastic demand in monopolistic competition

why there is highly elastic demand in monopolistic competition

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  • Rucha rajesh shingvekar best-answer

    Due to the range of similar offerings, demand is highly elastic in monopolistic competition. In other words, demand is very responsive to price changes. If your favorite multipurpose surface cleaner suddenly costs 20% more, you probably won't hesitate to switch to an alternative, and your counter tops probably won't know the difference.

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