"Distinguishing Between Monopolistic and Monopolistically
Competitive Markets: Key Differences You Need to Know"
These notes outline the key differences between monopolistic
market and monopolistically competitive market. They cover
factors such as the number of firms, nature of product, entry
and exit barriers, price and output, advertising and marketing,
and profitability. Understanding these differences is crucial for
making informed decisions in the market.
Monopolistic market and monopolistically competitive market
are two market structures that exist in economics. While they
share some similarities, there are significant differences
between the two. In this article, we will discuss the key
differences between monopolistic market and monopolistically
competitive market.
Number of Firms
In a monopolistic market, there is only one firm that dominates
the market and controls the supply of goods or services. In
contrast, a monopolistically competitive market has many firms
that offer similar but not identical products.
1.Nature of Product
In a monopolistic market, the firm produces a unique product
that has no close substitutes, which gives it complete control
over the market. On the other hand, in a monopolistically
Competitive Markets: Key Differences You Need to Know"
These notes outline the key differences between monopolistic
market and monopolistically competitive market. They cover
factors such as the number of firms, nature of product, entry
and exit barriers, price and output, advertising and marketing,
and profitability. Understanding these differences is crucial for
making informed decisions in the market.
Monopolistic market and monopolistically competitive market
are two market structures that exist in economics. While they
share some similarities, there are significant differences
between the two. In this article, we will discuss the key
differences between monopolistic market and monopolistically
competitive market.
Number of Firms
In a monopolistic market, there is only one firm that dominates
the market and controls the supply of goods or services. In
contrast, a monopolistically competitive market has many firms
that offer similar but not identical products.
1.Nature of Product
In a monopolistic market, the firm produces a unique product
that has no close substitutes, which gives it complete control
over the market. On the other hand, in a monopolistically
