Firms gain control over price in monopolistic competition by

A) blocking entry of other firms into the industry.
B) producing a product for which there are no close substitutes.
C) differentiating their products.
D) colluding with other firms to set prices.

Price Control

Government-imposed limits on the prices that can be charged for goods and services in the market.

Differentiating Products

The strategy of making a product or service stand out from competitors by emphasizing its unique features or qualities.

Close Substitutes

Goods or services that can serve as replacements for each other with minimal difference in utility for the consumer.