Question

state advantage of monopolistic competition over monopoly​

Answer 1

Answer:

Firms benefit from monopoly power because: They can charge higher prices and make more profit than in a competitive market. The can benefit from economies of scale – by increasing size they can experience lower average costs – important for industries with high fixed costs and scope for specialisation.

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Answer 2

Answer:

Monopolistic competition can bring the following advantages: There are no significant barriers to entry; therefore markets are relatively contestable. ... The market is more efficient than monopoly but less efficient than perfect competition – less allocatively and less productively efficient.