Perfect competition is where the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers, and sellers or firms have the same commodity while in monopolistic competition there are many small firms who all have minimal shares of the market. Firms have many competitors, but each one sells a slightly different product. Firms are neither price takers nor price makers
eddynightsy answered the question on April 18, 2018 at 20:11
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