Question
Distinguish between perfect competition and monopolistic competition.
✓
Answer
Difference between monopoly and monopolistic competition
Basis | Perfect competition | Monopolistic competition |
1. Nature of products | Products sold by sellers are homogeneous. | Products sold in the market are differentiated. |
2. Price | All sellers sell their products at uniform price. | Sellers charge different prices for their products. |
3. Selling costs | There is no need of selling costs. | Sellers spend a lot of money on advertisement etc. |
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