SELECT * FROM question_mgmt as q WHERE id=10284 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=613 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Non-competitive Markets explain why the demand curve facing a firm under m

Question:

Explain why the demand curve facing a firm under monopolistic competition is negatively sloped.

Answer:

A monopolistic firm has differentiated products; thus, it has to lower its price in order to increase its sales. Further, the products of different monopolistic firms are close substitutes to each other. Hence, the demand for all the products is elastic. For this reason, the demand curve is negativelysloped.


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