4 . Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly. Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Competitive Market Monopolistically Competitive Market Identical products Free entry Many sellers Price taker |미미|미|
In terms of market share, pricing control, and entrance obstacles, a monopolistic market and a perfectly competitive market differ significantly. Only one company controls goods and services' price and supply levels in a monopolistic market. When it comes to competition, a completely competitive market consists of many different businesses, and no single business influences the market. There can be no completely monopolistic or competitive market in the actual world. Both of these sorts of markets exist in the real world.
IMPORTANT -
Only one company controls the supply and demand of goods and services in a monopolistic market.
There is no single entity that controls the market in a competitive market.
Real markets are neither monopolistic nor perfectly competitive.
Imperfect or monopolistic competition lies somewhere in the middle of a monopolistic market.
Market participants in monopolistic competition can only have a limited amount of influence over oversupply and demand.
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