Monopolistic Competition One

Monopolistic Competition One

Monopolistic Competition, one of a number of economic � models' of market forms used in economic analysis which range from pure competition through monopolistic competition and oligopoly to pure monopoly. Monopolistic competition assumes there are many sellers of products that, although close substitutes for one another, are not perfect substitutes because of product differentiation supported by branding, advertising, etc. Individual sellers thus have some degree of control over the price at which they sell, although where there is no collusion between sellers to restrict the entry of new competitors, the degree of monopoly power so conferred is unlikely to be significant. 171

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