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Meaning and Types of Markets — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsMeaning and Types of Markets2 Marks
Question
State the similarities between monopolistic competition and monopoly.
✓

Answer

Monopoly and monopolistic competition : (i) Like monopoly, each firm has some monopoly power under monopolistic compertition.
(ii) Each firm faces negatively sloped demand curve.

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