In: Economics
Perfect competition is a market structure type in which
There is large number of sellers and buyers in the market
Price is only decided by the market forces that is demand and supply
There are no barriers to entry and exit
Long term economic profit is zero
Products are identical in nature
If we talk about a monopolistic competitive market then
It has large number of buyers and sellers in the market
Long term economic profit is zero
There are no barriers to entry and exit
Products are homogeneous differentiated in nature
So they are similar in terms of no barriers to entry and exit in the market, there are large number of buyers and sellers in the market and long term economic profitis zero in both the cases
But you will talk about the difference between them then perfect competition has identical products but in case of monopolistic market the products are differentiated in nature in terms of shape, size, colour etc