Know The Characteristics Of Monopolistic Competition And Understand How To Determine The Price And Output In Their Competition - Ilearnlot
Monopolistic Competition; Know the Characteristics of Monopolistic Competition, before knowing their definition - Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes. “It has been more fully realized that every case of exchange is a case of what may be called partial monopoly and partial monopoly is looked at from the other said a case of imperfect competition. There is a blending of both competition element and monopoly element in each situation.” by According to Prof. J. K. Mehta.