What Is Monopolistic Competition?
Monopolistic competition is a form of economic competition in which there are many producers and many consumers in a given market, consumers have clearly defined preferences, the goods and services are heterogeneous, and there is freedom of entry. It harbors some characteristics of monopoly as well as some of perfect competition. A monopoly is defined as a persistent market situation where there is only one provider of a kind of product or service. …
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- What Is Monopolistic Competition?
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