In a monopolistic competition, there are many sellers in the market, each offering differentiated products. This allows for some degree of market power, as firms can set prices above marginal cost. However, the presence of many competitors means that no single seller can dominate the market. The exact number of sellers can vary widely depending on the specific industry.
Rosbel and Crystal <3
large numbers of buyers and sellers
the meaning of market models is competition derived from pure competition meaning many sellers, monopolistic competition meaning most sellers, oligopoly competition meaning few sellers and pure monopoly meaning one seller.
Monopolistic competition
I think that's because there are many hotels around the world that provide similar services and those are characteristics of monopolistic competition:Large number of firms, sellers and buyersSimilar goods and services
Rosbel and Crystal <3
In monopolistic competition, sellers can profit from the differences between their products and other products.
large numbers of buyers and sellers
the meaning of market models is competition derived from pure competition meaning many sellers, monopolistic competition meaning most sellers, oligopoly competition meaning few sellers and pure monopoly meaning one seller.
It includes many sellers, differentiated products, easy entry and exit, and nonprice competition.
Monopolistic competition
The three different types of competition are perfect competition, monopolistic competition, and oligopoly. Perfect competition features many sellers and buyers with identical products, leading to no single entity influencing prices. Monopolistic competition also has many sellers but offers differentiated products, allowing for some pricing power. Oligopoly consists of a few dominant firms that have significant control over the market, often leading to strategic interdependence among them.
Imperfect competition is a competitive market situation where there are many sellers, but they are selling dissimilar goods. There are four types of imperfect markets, one is a monopoly, an oligopoly, a monopolistic competition, and a monopsony.
I think that's because there are many hotels around the world that provide similar services and those are characteristics of monopolistic competition:Large number of firms, sellers and buyersSimilar goods and services
a large number of buyers and sellers exchange relatively well-differentiated products
Monopolistic Competition
Monopolistic competition