Market — Economics STD 11 Commerce — Question

• A market in which both monopoly and perfect competition co-exists partially is called monopolistic competition.
• In reality, market is neither perfectly competitive nor purely based on monopoly. A mixed form of both exists in the market. In reality, mainly monopolistic types of market are commonly found.

Various definitions:

1. According to Prof. Chamberlin “Perfect competition and perfect monopoly co-exist in a market, known as Monopolistic Market.”
2. According to Mrs. Robinson: “If each firm establishes monopoly and also competes at the same time, the market is called Imperfect Competition.”