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UNIT 6 cont…
PRICING UNDER DIFFERENT MARKET
STRUCTURES
Monopolistic Competition
Market Structure
Perfect Pure
Competition Monopoly
Monopolistic Competition Oligopoly Duopoly Monopoly
The further right on the scale, the greater the degree
of monopoly power exercised by the firm.
Introduction
• Perfect competition, with an infinite number
of firms, and monopoly, with a single firm,
are polar opposites.
• Monopolistic competition and oligopoly lie
between these two extremes.
Introduction
• Monopolistic competition is a market
structure in which there are many firms
selling differentiated products.
• There are few barriers to entry.
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