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Distinction
between Monopoly and Monopolistic Competition
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Monopoly
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Monopolistic
Competition
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Single Firm.
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Many Firms.
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Homogeneous Product
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Product-differentiation.
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No close substitute of the commodity.
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Many close substitutes.
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Price-discrimination is possible.
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Price-discrimination by an individual firm is not
possible.
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No Significant effect of selling cost.
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Significant effect of selling costs.
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Complete restriction on the entry of the firm.
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Freedom of entry.
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Friday, June 23, 2017
Distinction between Monopoly and Monopolistic Competition
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