What are the characteristics of monopolistic competitive market ? What are the d
ID: 1173161 • Letter: W
Question
What are the characteristics of monopolistic competitive market ?
What are the differences between a perfectly competitive market and a monopolistic competitive market ?
Where does a monopolistic competitive market produce ? MR=MC
Where does the the demand curve shift when more firms enter the monopolistic competitive market ?
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Explanation / Answer
1)What are the characteristics of monopolistic competitive market ?
--The first important feature of monopolistic competition is that there is a large number of firms satisfying the market demand for the product. As there are a large number of firms under monopolistic competition, there exists stiff competition between them.
The various firms under monopolistic competition bring out differentiated products which are relatively close substitutes for each other.
s the products are close substitutes of others any reduction of price of a commodity by a seller will attract some customers of other products. Thus with a fall in price quantity demanded increases. It therefore, implies that the demand curve of a firm under monopolistic competition slopes downward and marginal revenue curve lies below it.
2)differences between a perfectly competitive market and a monopolistic competitive market?
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