Question
Distinguish between monopoly and monopolistic competition.
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Answer
Difference between monopoly and monopolistic competition
Basis | Monopoly | Monopolistic competition |
1. No. of sellers | There is only a single seller in the market. | The number of sellers is large. |
2. Degree of competition | There is no competition. | There exists high degree of competition here. |
3. Entry of new firms | Entry of new firms is restricted. | There is no restrictions on the entry of new firms in the market. |
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