Question

Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly. Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply.

Answer 1

The characteristics of a competitive market, and a monopolistically competitive market are:

• Price is equal to marginal cost - competitive market,
• Easy entry and exit - both
• Few sellers - neither
• Homogeneous product - competitive market,

How are competitive and monopolistically competitive markets related?

Both competitive and monopolistically competitive markets are easy to enter and exit from but only competitive markets have their pruice equal to their marginal cost.

The goods in a monopolistically competitive market is slightly variated while those in competive markets are homogenous.

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