Concept:Monopolistic competition is a market with many sellers offering similar but differentiated products.
Explanation:In this market structure, many firms exist and each has a small market share.
Hence, no single seller dominates the market, which makes option B correct.
Firms are not price-takers because product differentiation gives them some price control.
Consumers do not have perfect knowledge of price; information is imperfect.
Mobility of factors of production is not a distinguishing characteristic here.
Answer:B. no single seller dominates the market.