Tag: Notes on Monopolistic Competition: Meaning and Characteristics Monopolistic Competition: Meaning and Characteristics!

  Meaning Monopolistic Competition: The two important sub­divisions of imperfect competition are monopolistic competition and oligopoly. Most of the economic situations “are composites of both perfect competition and monopoly”. Chamberlin’s monopolistic competition is an amalgam or an admixture of perfect compe­tition and monopoly. Thus, monopolistic competition has elements of both perfect competition and monopoly. That is…