<Ul> <Li> Product differentiation </Li> <Li> Many firms </Li> <Li> Freedom of Entry and Exit </Li> <Li> Independent decision making </Li> <Li> Some degree of market power </Li> <Li> Buyers and sellers do not have perfect information (Imperfect Information) </Li> </Ul> <Li> Freedom of Entry and Exit </Li> <Li> Independent decision making </Li> <Li> Some degree of market power </Li>

Marginal cost and marginal revenue in monopolistic competition