Define Monopolistic Competition.
Answers
Answered by
3
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiatedfrom one another (e.g. by branding or quality) and hence are not perfect substitutes.
Answered by
3
Definition of Monopolistic competition
- Monopolistic competition means that while firms are competition with one another firm that consist same group but each firm product are quite different.
- The market structure is characterized by a single seller in which sorely one party or owner that selling a unique product in the market.
- For instance, Fast Food companies like the domino's and Burger King who sells the burger in the market it is the most common type but his companies name was different.
Similar questions