Responses
Monopolistic competition involves corporations and oligopolies while monopolies involve only corporations.
Monopolistic competition involves corporations and oligopolies while monopolies involve only corporations.
Both monopolies and near monopolies can exist with a certain low level of competition.
Both monopolies and near monopolies can exist with a certain low level of competition.
Monopolistic competition involves slightly differentiated products while monopoly involves a single product.
Monopolistic competition involves slightly differentiated products while monopoly involves a single product.
Monopolies involve a much lower level of competition than monopolistic competition.
1 answer
The statement that best states the main difference between a monopoly and monopolistic competition is:
Monopolistic competition involves slightly differentiated products while monopoly involves a single product.
This highlights the key characteristic that in monopolistic competition, there are many sellers offering similar but not identical products, whereas a monopoly has a single seller providing a unique product with no close substitutes.
