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The difference between monopolistic competition and pure competition is that in comparison to pure competition, monopolistic competition has more firms, product differentiation, some price control, and barrier-free entry
The difference between monopolistic competition and pure competition is that in comparison to pure competition, monopolistic competition has more firms, product differentiation, some price control, and barrier-free entry. fewer firms, product differentiation, some price control, and barrier-free entry. fewer firms, product differentiation, some price control, and relatively easy but not barrier-free entry. more firms, no product differentiation, no price control, and relatively easy but not barrier-free entry. b. The difference between monopolistic competition and pure monopoly is that in comparison to monopolistic competition, pure monopoly has one firm, a unique product, price control, and entry barriers. at least one firm, a patented product, some price control, and few entry barriers. at least one competitor, a patented product, little price control, and few entry barriers. one firm, a patented product, some price control, and entry barriers. c. Product differentiation describes registered differences in product characteristics. only occurs when there is brand loyalty. provides an advantage in the market.
Expert Solution
1) Answer is C.
Monopolistic competition have few firms as compare to pure competition and there is product differentiation. Firms have some price control because their products are different. There is nothing like barrier to entry but some baarier occurs because existing firms have brand loyalty.
2) Answer is D.
Monopoly have only one firm and it produces product which others can not produce so it have patented product. There is some price control because product is different and there is not full price control because of elasticity of the product. Higher elasticity less price control. And no one can enter the market.
3) Answer is B
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