"Monopolistic Competition" is, unless I'm missing something, an oxymoron. "Monopoly" implies "no competitors," so who, precisely, is the monopoly supposed to be competing with?
In an oligopoly, there are a few competitors, so there actually could be some competition; however, the term is generally used in a trust situation where the "competitors" more or less agree not to actually compete.
Oligopolistic
Monopolistic Competition
monopolistic competition
The fast-food industry itself is an oligopolistic market, but it operates under the monopolistic competitive market of restaurants in general.
In monopolistic competition, firms capture monopoly profits through specialisation of their product, making it non-substitutable with competing firms' products. In oligopolistic competition, this does not occur. Instead, three are three general outcomes: 1) firms collude to mimic a monopoly and share monopoly profits; 2) a dominant firm leads the market and sets the price; 3) firms compete freely and but take each other's decisions into account.
Oligopolistic
Monopolistic Competition
monopolistic competition
The fast-food industry itself is an oligopolistic market, but it operates under the monopolistic competitive market of restaurants in general.
In monopolistic competition, firms capture monopoly profits through specialisation of their product, making it non-substitutable with competing firms' products. In oligopolistic competition, this does not occur. Instead, three are three general outcomes: 1) firms collude to mimic a monopoly and share monopoly profits; 2) a dominant firm leads the market and sets the price; 3) firms compete freely and but take each other's decisions into account.
Existence of large firms, no competition and influence over the prices are some of the characteristics of monopolistic competition.
oligopolistic competition
In monopolistic competition, sellers can profit from the differences between their products and other products.
The disadventages of this is that ... well it sucks muahhahaha Disadvantages of a household in monopolistic competition are that a monopolistic competition work as one big industy and no one can start there own bussinesses because they government will not allow it.
they maximize profit
criticisms on oligopolistic competition
Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly