i need in wordsnot handwritten or pic 5. Compare and contrast the conditions (assumptions) of the Market Structure of Monopolistic Competition to the Market Structures of Perfect Competition and Monopoly (what doesMonopolistic Competition have in common with each of Perfect Competition and Monopoly, and how is it different from each).

Answered: 5. Compare and contrast the conditions…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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i need in words

not handwritten or pic

5. Compare and contrast the conditions (assumptions) of the Market Structure of Monopolistic Competition to the Market Structures of Perfect Competition and Monopoly (what does
Monopolistic Competition have in common with each of Perfect Competition and Monopoly, and how is it different from each).

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Monopolistic competitive market is the market structure in which there are large number of buyers and sellers of differentiated products this means the firms compete with each other by changing the physical or qualitative characteristics of their product to attain the market share. The firms are price makers in this case and they incur selling costs in the form of advertising and providing samples to influence the demand pattern of the consumers.

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