Question

different between monopoly and monopolistic with example.

Answer 1

In a monopoly market structure, a single product is offered by the seller and there is extreme product differentiation. On the contrary, in a monopolistic competition, as the product offered by different sellers are close substitutes, and so, there is slight product differentiation.

Answer 2

In a monopoly market structure, a single product is offered by the seller and there is extreme product differentiation. On the contrary, in a monopolistic competition, as the product offered by different sellers are close substitutes, and so, there is slight product differentiation.


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