The market of perfect competition is an ideal model and therefore is extremely rare. With large assumptions, the stock market and the market for agricultural… Read More »What Is Perfect Competition: Features, Advantages and Disadvantages, Graphs
Monopolistic competition is a type of industry market in which many enterprises sell differentiated products (unique in their industry and have some qualities that consumers value), as well as exercise control over the price of the goods they produce.
The term “monopolistic competition” and the description of this market model were introduced by Edward Hastings Chamberlain in his work “The Theory of Monopolistic Competition” in 1933.
Microeconomics is a branch of economic theory that studies the activities of individual economic entities.
On the one hand, the science of microeconomics explains how decisions are made by individual economic entities. On the other hand, it studies the interaction of economic entities in the process of formation of industry markets.