explain how monopolistic competition is different from perfect competition and monopoly in both short- and long-run?
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In a monopolistic market, there is only one firm that dictates the price and supply levels of goods and services, and that firm has total market control. In contrast to a monopolistic market, a perfectly competitive market is composed of many firms, where no one firm has market control
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Monopolistic competition is different from a monopoly. ... The "short run" is defined by how long it would take to alter that "fixed" aspect of.
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