Product differentiation is important for enterprises and consumers in monopolistic competitive markets because A: it minimizes the price elasticity of the seller's demand curve C: it promotes economic profit in the long run and D: it promotes the entry of new enterprises in the market.
Monopolistic competitive markets exist when many firms offer competing products and services that are similar but are not perfect substitutes for each other. The barriers to entry in monopolistic competitive markets are low, and the decisions of any one enterprise do not directly affect its competitors. In monopolistic competitive markets, companies do product differentiation based on their pricing and marketing decisions.
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