Perfect Competition VS Monopolistic Competition

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