Which best states the main difference between a monopoly and monopolistic competition
Asked by maham237 @ in Business viewed by 345 People
A monopoly involves no competition at all while pure competition involves a high level of competition.
A market structure with pure competition is much easier to establish than a monopoly.
Both monopolies and pure competition involve multiple sellers with undifferentiated products.
A monopoly is only possible in a mixed economy while pure competition is only possible in a free-market system.