Forms of Market — Economics STD 12 Commerce / Arts — Question

Yes, I agree with this statement.

1. In real world we find a market in which the characteristics of both Monopoly and Competition are interwoven.
2. For instance we find in the market many producers producing same product ‘Soap’ but it is not homogeneous.
3. The soap for example produced by Hindustan Lever and ITC and Proctor & Gamble is slightly different in shape, size, fragrance etc., like Lux is different from Dove and Vivel.
4. Each producer is the monopolist in a way of his own brand value but has to face competition from his rival.
5. All these producers compete with each other in selling soaps.
6. Thus monopolistic competition is found in real life.