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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
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
Sellers offer different, rather than identical, products. Each firm seeks to have monopoly-like power by selling a unique product. Product variation is much more common than having identical products. As a result, monopolistic competition is much more common than perfect competition.