Illustrates the term Monopolistic Competition

Question

Illustrates the term Monopolistic Competition?

Answer 1

In this present World market, this can be considered that there is no monopoly and there is not any real competition. Now here is a mix up of the two. Such situation is usually termed as Monopolistic competition. In words of Professor E.H. Chemberlin of America, Monopolistic Competition implies a market situation. There in competition is not perfect. The products of the firms in monopolist competition are mostly close substitutes to other.