A) 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 involve a single seller or a few sellers controlling a significant portion of the market. One way they are different is that monopolistic competition allows for product differentiation and gives consumers more choices, whereas in a monopoly, there is only one seller with no close substitutes.