Difference
|
Perfect Competition
|
Monopolistic Competition
|
No of Firms
|
There are large no of firms in
the market
|
There are many firms, but
lesser than firms in perfect Competition
|
Natural of Product
|
There are homogeneous products
|
There is product differentiation
|
Pricing Effect
|
Firm is price taker
|
Firm is price maker
|
Marginal revenue and average
revenue
|
MR=AR & Parallel to X -
axis
|
MR < AR, Both are downward
sloping
|
Mobility
|
There is perfect mobility of
factors of production
|
No perfect mobility
|
Selling cost
|
There is no selling cost
|
Substantial selling cost
|
Production
|
Goods are produced on optimum
scale
|
Goods are produced below
optimum scale
|
Economics when applied to real life sounds beautiful. this blog is for those students who are discovering the different facets of economics applications and want to share their discoveries.
Saturday, September 15, 2018
Perfect Competition VS Monopolistic Competition
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