What is a monopolistic market? Mention any four of its components.
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Answer:
Explanation:
MONOPOLISTIC MARKET IS A MARKET SITUTATION, WHERE THERE WILL BE LARGE NUMBER OF SELLERS WITH PRODUCT DIFFERENTATION.
COMPONENTS:
- LARGE NUMBER OF SELLERS
- PRODUCT DIFFERENTATION
- FREE ENTRY AND EXIT OF FIRMS
- SELLING COST
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A monopolistic market is a theoretical construct that describes a market where only one company may offer products and services to the public. A monopolistic market is the opposite of a perfectly competitive market, in which an infinite number of firms operate. In a purely monopolistic model, the monopoly firm can restrict output, raise prices, and enjoy super-normal profits in the long run.
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