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Created with Fabric.js 1.4.5 Monopolistic Competitions Hybrid between perfect competition and monopoly. Comparable to perfect competition, monopolistic competition contains a large number of extremely competitive firms. However, comparable to monopoly, each firm has market control and faces a negatively-sloped demand curve. A market structure in which several or many sellers each produce similar, but slightly differentiated products. Each producer can set its price and quantity without affecting the marketplace as a whole. Large number of small firms: this ensures that all firms are relatively competitive with very little market control over price or quantity. In particular, each firm has hundreds or even thousands of potential competitors.Similar products: sells a similar, but not absolutely identical, product. The goods sold by the firms are close substitutes for one another, just not perfect substitutes. Most important,each good satisfies the same basic want or need. Relative Resource Mobility: relatively free to enter and exit an industry. There might be a few restrictions, but not many. Extensive Knowledge: buyers do not know everything, but they have relatively complete information about alternative prices. Each seller also has relatively complete information about production techniques and the prices charged by their competitors.Physical Differences: In some cases the product of one firm is physically different form the product of other firms. One good is chocolate, the other is vanilla. One good uses plastic, the other aluminum. Perceived Differences: In other cases goods are only perceived to be different by the buyers, even though no physical differences exist. Such differences are often created by brand names, where the only difference is the packaging. Source:
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