what is the difference bitween monopolic competition and
under perfect competition
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Answer Posted / cartikn10
homogeneous product. Because the conditions for perfect
competition are strict, there are few if any perfectly
competitive markets. Still, buyers and sellers in some
auction-type markets, say for commodities or some financial
assets, may approximate the concept.
Monopolic Competition: In economics, a monopoly exists when
a specific individual or an enterprise has sufficient
control over a particular product or service to determine
significantly the terms on which other individuals shall
have access to it.
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