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A monopolistically competitive industry combines elements of both competition and monopoly. It is correct to say that the competitive element results from: A) a relatively large number of firms and the monopolistic element from product differentiation. B) product differentiation and the monopolistic element from high entry barriers. C) a perfectly elastic demand curve and the monopolistic element from low entry barriers. D) a highly inelastic demand curve and the monopolistic element from advertising and product promotion.

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