Asked by Kshultz32

In one to two sentences, identify one way monopolistic competition and monopoly market structures are the same and one way they are different
Answered by lilith
put it in a more simpliar way
Answered by GPT 3.5
Monopolistic competition and monopoly market structures are both characterized by a lack of perfect competition, with firms having some degree of market power. However, they differ in that monopolistic competition features many firms competing on the basis of differentiated products, while a monopoly consists of a single firm controlling the entire market.