What are the differences among the monopolistic competition, competitive markets, and monopoly? Is the bookselling a...

What are the differences among the monopolistic competition, competitive markets, and monopoly?

Is the bookselling a perfectly competitive industry? Briefly explain

Expert Solution

Monopolistic competition or imperfect competition is the same, here there are large number of sellers of a particular product with small differences that are like close substitutes, free entry and exit of firms. Monopolistic competition incurs selling cost to increase the demand for its product. Here one firm dictates the price and has total control over the market. Restaurants are a good example, Also book sellers.

Competitive market is the collection of many firms where no one firm dominates. Forms assume to be in a perfectly competitive market. All buyers and sellers are aware of market conditions. Example agriculture. Product is homogeneous and maximizing the profit is the prime goal.

Monopoly is a market condition where there is a single producer for the output of the product and that is single seller, it has no close substitutes. Like for example railway, postal service.

Yes book selling is perfectly competitive as you can enter and exit the market easily. And many firms have similar books
Here the product is homogeneous which are books. Market has no barriers to entry. Bothe the producers and consumers have perfect knowledge about market conditions, price. They are price takers and can't change the price of the product to their choice.

Rahul Sunny answered 7 months ago

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