Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsMarket2 Marks
Question
What is the difference between imperfect competition and monopolistic competition.
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Answer
The concept of imperfect competition is wide. It is the situation that prevails between two extremes of perfect competition and monopoly. This concept was presented by Mrs. John Robinson. The concept of monopolistic competition is narrow. Monopolistic competition is one of the various conditions prevalent in imperfect competition. This concept has been presented by Prof. Chamberlin.
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