In Exercises 7178, find each absolute value. 5 6

Final Study Guide Friday, June 23, 2017 5:35 PM Chapter 15: Monopolistic Competition and Product Differentiation A. The Meaning of Monopolistic Competition • 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 into and exit from the industry in the long run • there are lots of vendors, too many to make tacit collusion feasible • Three conditions: • large numbers of competing producers: many producers; each seller has many competitors • differentiated products: each seller has some ability to set their own price -- each producer has some (albeit limited) marke