ICSE Class X Economics 2020 Solved Papers
© examsnet.com
Question : 15
Total: 36
Give any two points of differentiation between perfect and monopolistic competition.
Solution:
Difference between monopolistic competition and perfect competition :
Basis of difference | Monopolistic competition | Perfect competition |
---|---|---|
Nature of product | In monopolistic competition sellers sell differentiated products. | In perfect competition sellers sell homogeneous products. |
Influence on price | In monopolistic competition, firms are price maker. | In perfect competition, firms are price taker. |
© examsnet.com
Go to Question: