identify one way monopolistic competition and monopoly market structures are the same and one way they are different
One way that monopolistic competition and monopoly market structures are the same is that both involve a single seller or producer in the market. In a monopolistic competition, although there are multiple firms, each firm produces a slightly differentiated product, making them the sole producer of that particular product. Similarly, in a monopoly market structure, there is only one firm that produces and sells the product, making them the sole seller in the market.
One way they differ is in the level of competition. In monopolistic competition, there is still some level of competition among the firms due to the slightly differentiated products they offer. Consumers have some choices and can switch between firms based on differentiating factors such as branding, quality, or pricing. On the other hand, in a monopoly market structure, there is no direct competition. The monopoly firm has complete control over the market and can set the price and quantity without worrying about competition from other firms.