Question

Define monopolistic competition. techtarget

Answer 1

Hi there, Market situation midway between the extremes of perfect competition and monopoly, and displaying features of the both. In such situations firms are free to enter a highly competitive market..

Answer 2

Aperfect competitionexists when there are many small competitors carrying similar products, giving you plenty of options from which to choose. The opposite of this is amonopoly, in which there's onlyone optionand, therefore, no choice for the consumer. The third form of competition, anoligopoly, exists when there are only a few, large competitors in the market. The fourth and final form of competition is calledmonopolistic competition.