The general term for market structures that fall somewhere in-between monopoly and perfect competition is?

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business report using key terms (explain) how internal and exertnal influences may impact on business opportunities in NSW

The general term for market structures that fall somewhere in-between monopoly and perfect competition is known as monopolistic competition.

To understand why monopolistic competition is the term that fits this description, let me explain the two extremes first: monopoly and perfect competition.

1. Monopoly: In a monopoly, there is essentially only one seller in the market, giving them complete control over the supply of a particular product or service. This lack of competition often leads to higher prices, limited choices, and potentially lower quality for consumers.

2. Perfect Competition: On the other end of the spectrum is perfect competition, where there are many buyers and sellers in the market, and there are no barriers to entry or exit. In this type of market, no single seller or buyer has enough market power to influence the price. As a result, prices tend to be low, and there is a wide variety of choices available to consumers.

Now, back to monopolistic competition: This market structure combines elements of both monopoly and perfect competition. In monopolistic competition, there are many sellers in the market, similar to perfect competition. However, each seller offers a slightly differentiated product or service, resulting in some level of product differentiation. This means that each seller has some market power, allowing them to influence the price to some extent.

In a monopolistic competition market, there are low barriers to entry, but sellers often engage in non-price competition through advertising, branding, or product differentiation to attract customers. While monopolistic competition allows for more variety and choice compared to a monopoly, it may still result in higher prices and less efficiency compared to perfect competition.

In summary, monopolistic competition is the general term used to describe market structures that fall somewhere in-between monopoly and perfect competition, where there are many sellers offering slightly differentiated products or services, allowing for some level of market power and non-price competition.