Which of the following describes monopolistic competition?

a. Homogeneous products,

b. P=MR=MCP=MR=MC,

c. Advertising plays a key role,

d. There is only one seller in the industry.

D. There is only one seller in the industry

Reason: Monopoly is a form of market structure where there exists only one seller in the market catering to the entire market demand. Since there is just one seller, the monopolist faces a relatively inelastic demand curve and is free to decide the price and output in the market.

Homogenous product is the market characteristic of perfect competition and pure oligopoly.

P=MR =MC is the characteristic of perfect competition which enables it to achieve allocative efficiency.

Advertising is the main feature in case of monopolistic form of market.In monopolistic competition, each individual firm undertakes product differentiation and since there are large number of firms in the market, each firm tends to aggressively compete with the other using advertising as a tool.