Differentiate between Monopoly & monopolistic competitive market?
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Monopoly is a market structure where the participant is a single seller that dominates the overall market as he is offering a unique product or service whereas a monopolistic competition is a competitive market that has only a handful of buyers and sellers that offer close substitutes to the end users.
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Explanation:
Monopoly is a market structure where the participant is a single seller that dominates the overall market as he is offering a unique product or service whereas a monopolistic competition is a competitive market that has only a handful of buyers and sellers that offer close substitutes to the end users.
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