what is the difference between monopoly and monopolistic market?
there are many differences,
1)monoply market is characterised by single seller with no close substitute of its product,where as monoplistic market has large number of seller selling differentiated products(goods which have close substitute)
2)there is no advertisement cost under monoploy,even if sometimes, they advertise,its main motive is to introduce people with their product,but monopolisic market incurs advertisement cost to increase its sale.
3)though AR curve slopes downward in both the market,but the elasticity of demand for monopolisic market is high in compare to monoploy market because of large number of seller selling a close substitute products.
4)a monopoly firm always earn supernormal profit in the long run due to restriction of entry of new firm,but a monopolisic firm always earn normal profit because of entry of new firm who are attracted by the supernormal profit earned by the existing firm