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14 July, 23:24

The most significant difference between perfect competition and monopolistic competition is that

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  1. 14 July, 23:51
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    Perfect competition, a market structure, where there are many sellers selling similar goods to the buyers. But monopolistic competition, is a market structure, where there are numerous sellers, selling close substitute goods to the buyers. Also the price in perfect competition, is determined by demand and supply forces, for the whole industry, comparing with monopolisti competition that every firm offer products to customers at its own price.
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