Explore BrainMass

Explore BrainMass

    monopolistic competition

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    How does monopolistic competition differ from a) pure competition; b) pure monopoly; c) oligopoly? Explain fully what product differentiation entails.

    © BrainMass Inc. brainmass.com October 9, 2019, 8:54 pm ad1c9bdddf

    Solution Preview

    As the name suggests, monopolistic competition is a cross between monopoly and perfect competition. In a monopolistically competitive market, there are many producers and consumers in a given market and consumers usually perceive that there are non-price differences among the products. So in a sense, a monopolistically competitive market has all the characteristic of perfect competition, ...

    Solution Summary

    Monopolistic competition is overviewed.