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
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, ...
Monopolistic competition is overviewed.