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What is Monopoly vs Monopolistic Competition about?
1. Monopoly is characterized by a single seller and no competition, while monopolistic competition has many sellers offering differentiated but substitutable products. 2. Under monopoly, there are high barriers to entry and a steep demand curve allowing the seller to control prices. Monopolistic competition has lower barriers and a flatter demand curve with some price control by buyers. 3. In the long run, monopolistic competition leads to normal profits as new entry is encouraged by initial supernormal
- Author
- Esha Kulsoom
- Language
- EN