Question

Monopoly market observes the competition between whom ?

Answer 1

Answer:

Monopolistic competition characterizes an industry in which many firms offer products or services that are similar (but not perfect) substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors.

Answer 2

Answer:

In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. There are many producers and many consumers in the market, and no business has total control over the market price.