Perfect competition and monopolistic competition are similar in that both market structures include?

1 answer:

7 0

One of the key similarities that perfectly competitive and monopolistically aggressive markets share is elasticity of demand in the long-run. In each circumstances, the shoppers are sensitive to price; if rate goes up, demand for that product decreases. The two solely range in degree.

<h3>What are the similarities between monopolistic competition and monopoly?</h3>

Similarities between monopoly and monopolistic competition

Both maximize profit: Like each and every firm, each monopolists and monopolist competitors are seeking for to maximize profit. When we say they maximize profit, we imply they produce when marginal revenue equals marginal cost.

<h3>In what way is monopolistic competition like ideal competition?</h3>

Solution. Monopolistic opposition is comparable to perfect opposition in a way that there are many consumers and retailers in both market types. Also, there is small to no effect on equilibrium fee and there are small to no boundaries to enter or go away the market.

Learn more about monopolistic competition here:

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