Question
Give the difference between Monopoly and Monopolistic Competition.
| Monopoly | Monopolistic competition |
| $1$. There are numerous buyers and sellers. | $1$. There are numerous buyers and also many sellers. |
| $2$. Substitute goods are either not available or available rarely. | $2$. Substitute goods are available easily. |
| $3$. Other firms cannot enter the market. | $3$. Other firms can easily enter or exit the market. |
| $4$. The firm can control the price to a very large extent. | $4$. Firms cannot control the price much. |
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