What Does Monopolistic Competition Means?
Monopolistic competition is best suitable in an open field provided by government where several competitors are allowed to operate and tend to have exclusive possession or control over trade.But here,one competitor will have to definitely emerge and have control of the trade over the others. Reason been that, it may have found out that the other competitors are not quite too capable to have better potential(s) to catch up with him.Hence, it takes control over price,advertisement,promotions,and what have you to dictate the market terms wholly on its own thus keeping the others quite too dormant.
Related Questions
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