Price and
Output Determination Under Monopolistic/Imperfect Competition:
Before 1933, the price analysis was studied under two market
models.
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Monopolistic competition
as the name signifies is a blend of monopoly and competition. It
is a systematic and realistic theory of price analysis in this
imperfectly competitive world.
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The main characteristic or
features of monopolistic competition are as under:
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Monopolistic competition refers to
the market organization where there are a fairly large number of
firms which sell somewhat differentiated products.
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In the long run, the firms are able to alter the scale of plant
according to the changed conditions of demand for a product in
the market.
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Under
monopolistic competition or imperfect competition, there are
wastes of expenditures. Wastes of monopolistic competition
are in brief as follows:
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Oligopoly falls between two extreme
market structures,
perfect competition and
monopoly. Oligopoly occurs when a few firms
dominate the market for a good or service.
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If an industry is
composed of only two giant firms, each selling identical
products and having half of the total market, there is every
likelihood of collusion between the two firms.
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Three Important
Economic Models of
Oligopoly
are as:
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