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Sagot :
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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