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Author Question: What is the main difference between monopolistic competition and monopolies? What will be an ... (Read 63 times)

sarasara

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on: Jun 29, 2018
What is the main difference between monopolistic competition and monopolies?
 
  What will be an ideal response?

Question 2

In economics, the term equity means
 
  A) economic benefits are distributed fairly.
  B) everyone has an equal standard of living.
  C) the hardest working individuals consume all they want.
  D) only elected officials have high standards of living.


carojassy25

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The main difference is that under monopolistic competition there are available substitutes and there is competition whereas under monopoly there aren't available substitutes and there are no competitors. Also, there are barriers to entry in monopoly, but no barriers to entry in monopolistic competition.

Answer to Question 2

A


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sarasara

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Reply #2 on: Jun 29, 2018
Thank you


carojassy25

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Reply #3 on: Jun 29, 2018
No problemo


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