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30 Oct 2021
Problem 6
Page 250
Section: REVIEW QUESTIONS
Chapter 10: Monopolistic Competition and Oligopoly
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30 Oct 2021
Introduction
Monopolistic Competition refers to the imperfect competition where there are large number of producers each sell differentiated products and there is freedom of entry and exit in the long run.
Monopoly is a market situation where there is only one supplier of a particular commodity.
Perfect Competition is a market situation where there are large number of buyers and sellers and both are well informed. The market price is beyond the control of individual sellers and buyers.
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