Question

State any two differences between Monopolistic competition and Perfect competition.

Answer 1

${\huge {\mathfrak {Answer :-}}}$

➡️ Perfect Competition. ... Firms in a perfectly competitive market are all price takers because no one firm has total market control. Unlike a monopolistic market, firms in a perfectly competitive market have a small market share. Barriers to entry are relatively low and allow firms to enter and exit easily.

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