Question
Explain two points of distinction between monopoly and monopolistic competition.
| S .No | Basis | Monopoly | Monopolistic competition |
| 1. | Meaning | Monopoly is a form of market in which there is a single seller selling a product which has no close substitutes | Monopolistic competition is a form of market in which there are large number of sellers selling differentiated but closely related goods. |
| 2. | Number of sellers and buyers | Under this, there is a single seller of a commodity and large number of buyers. | There are a large number of buyers and sellers. Also, the size of each firm is small. Each firm has a limited share of the market. |
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| L | APL |
| 1 2 3 4 5 6 | 2 3 4 4.25 4 3.5 |
| S.No. | Contents | ₹ (in crore) |
| (i) | Gross National Product at Factor Cost | 6,150 |
| (ii) | Net Exports | (-)50 |
| (iii) | Compensation of Employees | 3,000 |
| (iv) | Rent | 800 |
| (v) | Interest | 900 |
| (vi) | Profit | 1,300 |
| (vii) | Net Indirect Taxes | 300 |
| (viii) | Depreciation | 400 |
| (ix) | Factor Income to Abroad | 80 |
| Quantity | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
| Marginal Revenue | 10 | 6 | 2 | 2 | 2 | 0 | 0 | 0 | -5 |
| (Rs.arab) | |
| 47 |
| 34 |
| 10 |
| 32 |
| 80 |
| 20 |