Monopolistic competition is a market structure characterized by a relatively large number of sellers, product differentiation, and ease of entry into the industry. However, a characteristic that does not apply to monopolistic competition is a homogenous product.

Product Differentiation:
Product differentiation is a key characteristic of monopolistic competition. It refers to the process by which firms in the market differentiate their products from those of their competitors. This can be achieved through various means such as branding, design, packaging, quality, or unique features. By differentiating their products, firms aim to create a perceived difference in the minds of consumers, allowing them to charge a higher price and capture a certain market segment.

Ease of Entry into the Industry:
Monopolistic competition is characterized by ease of entry and exit for firms. This means that new firms can enter the market relatively easily, and existing firms can exit the market without significant barriers. This ease of entry and exit promotes competition in the market and prevents firms from maintaining long-term monopolistic control.

Relatively Large Number of Sellers:
Another characteristic of monopolistic competition is the presence of a relatively large number of sellers. This means that there are many firms operating in the market, each with a small market share. This large number of sellers ensures that no single firm has a dominant market position and that competition remains relatively high.

Non-Homogenous Products:
Unlike perfect competition, where all firms produce identical products, monopolistic competition involves firms producing differentiated products. Each firm in a monopolistically competitive market offers a product that is slightly different from its competitors' products. This differentiation allows firms to capture a specific segment of the market and have some degree of market power. Consumers may have preferences for certain features or qualities of a product, leading to product differentiation.

Conclusion:
In conclusion, the characteristic that does not apply to monopolistic competition is a homogenous product. Monopolistic competition is characterized by product differentiation, ease of entry into the industry, and a relatively large number of sellers. These characteristics differentiate it from other market structures such as perfect competition or monopoly.