basic diffrence between monopolistic competition , perfect competition, monopoly
Difference between perfect competition, Monopoly and Monopolistic competition
| Basis of Difference | Perfect Competition | Monopoly | Monopolistic Competition |
| Number of buyers and Sellers | There are a large number of buyers and sellers in this market. | This market has only a single seller i.e the monopolist. | There are a large number of buyers and sellers in this market. |
| Nature of Product | This market deals in homogeneous products. | This market deals in goods that have no close substitutes. | This market deals in differentiated products. |
| Free entry and exit | There is free entry and exit of firms in this market. | Entry is restricted in this form of market. | There is free entry and exit of firms in this market. |