Unit 2.11(4) Market power - Monopolistic competition(HL)
Monopolistic competition is a form of imperfect competition. Many markets across the economy share the characteristics of monopolistic competition, such as hairdressers, restaurants, plumbers and care homes. These markets are made up of a large number of firms accounting for a high proportion of total market output. The increased realism of the monopolistic competition model, compared to perfect competition, allows...