a major difference between monopolistic competition and perfect competition is question 52 options: 1) the degree by which the market demand curves slope downwards.

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17-12-2022
Business

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a major difference between monopolistic competition and perfect competition is question 52 options: 1) the degree by which the market demand curves slope downwards.

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Tundexi Tundexi · Answer 1 · 2022-12-22T12:53:21+01:00

Major difference between monopolistic competition and perfect competition is that products are not standardized in monopolistic competition unlike in perfect competition. The Option C is correct.

Difference between monopolistic competition & perfect competition?

Both monopolistic competitive market and perfectly competitive market are market structures that have several key distinctions in terms of market share, price control, and barriers to entry.

In monopolistic market, there is only one firm that dictates the price and supply levels of goods and services and firm that has total market control. In contrast to monopolistic market, the perfectly competitive market composed of many firms, where no one firm has market control.

Missing options "A) the number of sellers in the markets. B) the degree by which the market demand curves slope downwards. C) that products are not standardized in monopolistic competition unlike in perfect competition. D) the barriers to entry in the two markets.