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A major difference between monopolistic competition and perfect competition is A) the number of sellers in the markets. B) the degree by which the market demand

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A major difference between monopolistic competition and perfect competition is " that products are not standardised in monopolistic competition unlike in perfect competition."

What is monopolistic competition and perfect competition?

  • In a monopolistic market, a single company controls the amount of supply and the prices of goods and services.
  • Consumers are likely to be familiar with a variety of industries that exhibit monopolistic competition in their daily lives. Restaurants, hair salons, apparel, and consumer gadgets are a few examples.
  • A market with perfect competition is one with many enterprises and no dominant player.
  • No market is entirely monopolistic or completely competitive in the actual world.

To know more about the common goods and services a family buy, here

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