Search results
- DictionaryMonopolistic competition
noun
- 1. another term for imperfect competition
Powered by Oxford Languages
Monopolistic competition involves many firms competing against each other, but selling products that are distinctive in some way. Examples include stores that sell different styles of clothing; restaurants or grocery stores that sell different kinds of food; and even products like golf balls or beer that may be at least somewhat similar but ...
Monopolistic competition involves many firms competing against each other, but selling products that are distinctive in some way. Examples include stores that sell different styles of clothing; restaurants or grocery stores that sell a variety of food; and even products like golf balls or beer that may be at least somewhat similar but differ in ...
Monopolistic competition is a model characterized by many firms producing similar but differentiated products in a market with easy entry and exit. Restaurants are a monopolistically competitive sector; in most areas there are many firms, each is different, and entry and exit are very easy.
monopolistic competition, market situation in which there may be many independent buyers and many independent sellers but competition is imperfect because of product differentiation, geographical fragmentation of the market, or some similar condition. The theory was developed almost simultaneously.
Aug 19, 2023 · Monopolistic competition is a market structure that combines the features of both perfect competition and monopoly. In monopolistic competition, many firms operate that offer differentiated products that are close substitutes.
About. Transcript. In this video we explore why it is hard for a monopolistic competitor to make economic profit in the long run. Created by Sal Khan. Questions. Tips & Thanks. Want to join the conversation? Log in. Sort by: Top Voted. Kris Kalavantavanich. 12 years ago.
In this chapter, we first explore how monopolistically competitive firms will choose their profit-maximizing level of output. We will then discuss oligopolistic firms, which face two conflicting temptations: to collaborate as if they were a single monopoly, or to individually compete to gain profits by expanding output levels and cutting prices.
