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21 January, 09:14

Which is the main difference between perfect competition and monopolistic competition?

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  1. 21 January, 09:23
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    Monopolistic competition differs from Prefect competition in that production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. This market concept was developed by Chamberlain (USA) and Robinson (Great Britain).
  2. 21 January, 09:24
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    In perfect competition, the prices depend on the supply and demand. in a monopolistic competition the prices are set above the marginal cost
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