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Author Question: Monopolistically competitive markets are different from perfectly competitive markets because in ... (Read 130 times)

jc611

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Monopolistically competitive markets are different from perfectly competitive markets because in monopolistically competitive markets firms:
◦ sell a standardized product, while in perfectly competitive markets firms sell a differentiated product.
◦ have some control over price, while in perfectly competitive markets firms have no control over price.
◦ have no control over price, while in perfectly competitive markets firms have some control over price.
◦ face substantial barriers to entry, while in perfectly competitive markets firms face no significant barriers to entry.


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Marked as best answer by jc611 on Jul 20, 2019

Athena23

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Athena23

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