Compare monopoly and monopolistic competition markets.
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under monopoly one seller and large no of buyer , distinct products with no close substitutes ,whereas monopolistic competition has large no buyer and seller , products differentiation with close substitutes
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In a monopoly competition market, there is only one seller is present whereas in a monopolistic competition market many sellers are present.
What is the difference between monopoly and monopolistic competition?
- There is less competition in a monopoly market whereas, in monopolistic competition, there is more competition
- In a monopoly market, firms are not easily entered whereas in a monopolistic market firms are entered easily
- The price of the product is determined by the seller in monopoly whereas, in a monopolistic market price is decided by the buyers
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