The four market models Monopolistic competitionis characterized by a relatively large number of sellers producing ifferentiated products (clothing, furniture,books). Pure monopoly is a marketstruc
The four market models Monopolistic competitionis characterized by a relatively large number of sellers producing ifferentiated products (clothing, furniture,books). Pure monopoly is a marketstruc
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Monopolistic competition
is characterized by a relatively large number of sellers producing ifferentiated products (clothing, furniture,
books).
Pure monopoly is a market
structure in which one firm is the sole seller of a product or service (for
example, a local electric utility).
Pure competition involves
a very large number of firms producing a standardized product (that is, a
product identical to that of other producers, such as cotton or cucumbers). New
firms can enter or exit the industry very easily.
The
four market models