Monopolistic competition is characterized by:

A) free entry and exit in the long run.
B) each firm producing a standardized product.
C) few producers.
D) barriers to entry.

Monopolistic Competition

A market structure in which there are many competing producers in an industry, each producer sells a differentiated product, and there is free entry and exit into and from the industry in the long run.

Barriers To Entry

Factors that prevent or hinder new competitors from easily entering an industry or area of business.