Unit 2.11(4) Market power - Monopolistic competition(HL)

IB Economics: 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 us to...

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