Question

difference between monopoly and monopolistic competition

Answer 1

Monopoly is a market situation in which there is only one firm producing a good/service.

Monopolistic competition is a situation in which there are large number of sellers producing differentiated products with no barriers to entry to the industry.

Answer 2

Answer:

Explanation:

monopoly is the form of market having ONLY ONE SELLER & MANY BUYERS with COMPETITION and CHANCES OF BEING GETING OUT AS DUE TO NO SELLER IN MARKET . WITH NO CHANCES OF QUITING THE PRODUCTION . and DOES PARTIALITY ON THE BASIS OF USE  ,PLACE, PERSON.

monopolistic is the form of market having MANY BUYERS AND SELLERS with HIGH COMPETETION IN MARKET and having MORE CHANCES OF BEING GETTING OUT AS DUE TO HIGHER COMPETETIONS IN MARKET .WITH SELF DESISION  OF GETTING OUT OF THE MARKET and DOES NOT DO ON THE BASIS OF USE , PLACE,PERSON

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