In one to two sentences, identify one way monopolistic competition and monopoly market structures are the same and one way they are different.(2 points)
One way monopolistic competition and monopoly market structures are the same is that both market structures involve a single seller or firm exerting a significant level of control over the market. One way they are different is that monopolistic competition involves many firms selling differentiated products, while monopoly involves a single firm with no close substitutes.
One way monopolistic competition and monopoly market structures are the same is that they both involve a single seller. One way they are different is that monopolistic competition involves many firms producing slightly differentiated products, while monopoly involves a single firm producing a unique product with no close substitutes.
One way monopolistic competition and monopoly market structures are the same is that both involve a lack of perfect competition and the presence of market power. One way they are different is that monopolistic competition consists of many firms selling differentiated products, while monopoly consists of a single firm being the sole provider of a product or service.
