Monopolistic competition Managerial Economics

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Monopolistic competition Managerial Economics

  1. 1.    Developed by Edward H Chamberlin It is a blend of monopoly & perfect competition It is a market situation in which there are many sellers of a particular product,but the product is differentiated
  2. 2.  Large number of sellers  Product differentiation  Free entry & exit of firms  Non price competition  Price policy
  3. 3.  Selling cost  Less mobility  Imperfect knowledge
  4. 4.    No significant barriers to entry Differentiation creates diversity, choice and utility Dynamically efficient and innovative in terms of new production process and products
  5. 5.  Some doesn't create utility generate waste  Profit maximization

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