Statement (I): The important difference between our assumption for monopolistic competition and those for perfect competition is that monopolistic competition sells similar, but not identical products.
Statement (II): In the monopolistic competition we have many firms selling differentiated product codes.
Choose the correct option from those below:
1
Statement I is correct, Statement II is incorrect.
2
Statement I is incorrect, Statement II is correct.
3
Both Statement I and Statement II are correct.
4
. Both Statement I and Statement II are incorrect.
5
Question Not Attempted