Question

In one to two sentences, identify one way monopolistic competition and monopoly market structures are the same and one way they are different.(2 points)

Answer 1

One way monopolistic competition and monopoly market structures are the same is that both market structures involve a single seller or firm exerting a significant level of control over the market. One way they are different is that monopolistic competition involves many firms selling differentiated products, while monopoly involves a single firm with no close substitutes.