Question

Monopolistic competition definition and characteristics

Answer 1

Hey!

Ans. Monopolistic Competition refers to competition among a large number of sellers producing close but not perfect substitutes for each other.

Ex :  The restaurant business,hotels,pubs,etc.

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Answer 2

Monopolistic competition:

• Monopolistic competition is characteristic of an industry in which numerous companies offer similar, but not perfect, products or services. There are low barriers to entry and exit in a competitive monopoly industry, and any firm's decisions do not directly affect those of its competitors.

Characteristics:

• Large numbers of small firms.
• Close but not equivalent goods marketed by businesses
• Greater independence of entry and exit from a business
• Comprehensive quality and development information.

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