The difference that exists between monopolistic and monopoly competition is that in monopoly, a single seller offering unique commodities. In contrast, monopolistic competition is a market that businesses present are dealing with the trade of similar goods and services. Further, monopolies have an advantage of charging higher prices on commodities which makes them competitive in a market. The reason why it can raise the price of its commodities it's because they are not available in other businesses in the market. Therefore, if it increases the price, customers will still purchase the products making the company make more profits hence becoming competitive within its business environment.