Business Dictionary
Monopolistic Competition
A-B C-D E-G H-K L-N O-P R-S T-W
Monopolistic Competition is the market situation of specific industry that shows elements of both monopoly and competition. In a perfect competition there are many sellers, while the entry and exit is easy.
In monopolistic competition the products are somewhat differentiated. In such situation each company has some degree of market power. The companies are showing monopolistic behavior, although the demand curve is more elastic than of the monopolist.
Related Reading:
Market
Market Share
Market Power
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