Monopolistic Competition | Features of Monopolistic Competition | Market |Features | Micro Economics

above video is based upon the concept of monopolistic competition.
this video help you for understanding the nutshell of monopolistic competition and the characteristic of monopolistic competition.
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Monopolistic Competition is a market condition where there are limited or countable amount of firm or seller and large no. of buyers dealing on a differentiated goods.

CHARACTERISTICS OF MONOPOLISTIC COMPETITION ----
1- this market structure is considered as more realistic as compared to perfect competition or monopoly which are supposed to be 2 extrem case in the market.

2- In monopolistic competition the no. of firms operating in a market is more than 1 but not as many as in the perfect competition. Therefore it is assumed that there are 10-15 firms in the market producing the commodity.

3- The product of different firms are differentiated in terms of their brand name, colour, size, packaging etc, so that every firm can attract the consumer towards its products.

4- In monopolistic competition the firm can take the help of marketing strategy and advertisement in order to increse the sale of its products.

5- In monopolistic competition there is complete ban on the free entry and exit of firms during short run period where as there is free exit and entry of firms in long run period.
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