What is a difference between perfect competition and monopolistic competition?
In a monopolistic market, there are no barriers to entry. In a perfectly
competitive market,
the barriers to entries are high.
In a monopolistic market, products are perfect substitutes for each other. In
a perfectly
competitive market, products are differentiated.
In a perfectly competitive market, there are no barriers to entry. In a
monopolistic market, the barriers to entry are high.
In a perfectly competitive market, products are perfect substitutes for each
other.
In a monopolistic market, products are differentiated.