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

Answer 1

One way monopolistic competition and monopoly market structures are the same is that both involve a single seller or a limited number of sellers in the market. One way they are different is that monopolistic competition involves differentiated products and some degree of price competition, while monopolies have a unique product with no close substitutes and significant market power.