Define the term Monopoly and monopolistic competition.

1.	Define the term Monopoly and monopolistic competition.
Answer» Monopoly is a market form with a single seller and many buyers of a commodity. Monopolistic competition is a form of the market with many buyers and sellers, where differentiated product is sold with a partial control over price.

Answer»

Monopoly is a market form with a single seller and many buyers of a commodity.

Monopolistic competition is a form of the market with many buyers and sellers, where differentiated product is sold with a partial control over price.

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Define the term Monopoly and monopolistic competition.

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