Question

Monopoly and monopolistic market compition​

Answer 1

Explanation:

A monopoly is the type of imperfect competition where a seller or producer captures the majority of the market share due to the lack of substitutes or competitors. A monopolistic competition is a type of imperfect competition where many sellers try to capture the market share by differentiating their products.The monopoly firm is the industry. On the contrary, there are many firms in monopolistic competition and industry is called a group. Only a single product is produced under monopoly and there is no product differentiation. Under monopolistic competition, every producer produces differentiated products.

feature of monopoly

1. One Seller and Large Number of Buyers
2. Difficulty of Entry of New Firms
3. Monopoly is also an Industry
4. ex mc Donald's burger King