Monopolistic vs Perfect Competition

How Does Monopolistic Competition Differ from the Perfect Competition
October 08, 2021
Author : Sofia

‘Market’ is a place where millions of buyers and sellers interact, be it, directly or indirectly, to perform several transactions. Based on the activities performed by them, there are three different kinds of markets. These include imperfect competition, perfect competition, and monopolistic competition. It is always not so easy to differentiate between these. This is why a lot of students get perplexed about monopolistic vs perfect competition. 

In this blog, we will try to clear this for you. Not just this, with the help of one of our best reference assignment samples, we will also give you a glimpse of how our experts approach these assignments. 

 My Assignment Services is a trusted online platform in the United Kingdom that has been in this industry for over a decade now. We host an experienced team of over 2,500 prolific academic writers who have been known to provide the best marketing assignment help in the UK for the last ten years. So without further ado, let us get started with the blog. 

what are the characteristics of Monopolistic Competition

Monopolistic vs Perfect Competition: The Difference

There are several aspects that we need to consider for knowing the difference between monopolistic competition and perfect competition. In these years, we have gained a comprehensive understanding of each of those aspects that have helped us clear all the doubts of students in this field. 

Let us now discuss each of these aspects in brief so that you can get an idea of monopolistic vs perfect competition. 

1. Meaning

In terms of meaning, here is how our marketing assignment writers differentiate between the two. 

Perfect competition is a type of market structure where there are so many different types of sellers who try to sell the same product to the consumers. 

On the other hand, a market structure where the sellers have substitutes of the products to sell to the consumers is known as monopolistic competition. 

2. Price

In perfect competition, the price of the goods and services are decided upon the demand and supply associated with the product, while in monopolistic competition, the different firm offers different prices to the customers. 

3. Demand curve slope

The demand curve slope of the perfect competition is perfectly elastic and horizontal whereas it is relatively elastic (sloping downward) in the case of monopolistic competition. 

4. Situation

The situation of a perfectly competitive market is unrealistic, while it is realistic in the case of monopolistic competition. 

These are some of the differences between monopolistic competition and perfect competition markets. If you have understood them well, then probably you are halfway now. If you still get stuck in any of your assignments, then it is always better if you can bring them to our marketing assignment help experts in the UK. We will try to cover each of your doubts and come up with instant solutions for you. 

Let us now present some of the Monopolistic competition examples so that you can understand them well and get going with the marketing assignments that cover this topic. 

Want Some Monopolistic Competition Examples? Here’s The List

We can find a variety of monopolistic competitions in almost every place nowadays. Primarily, every industry that has a little differentiation works on this market structure. Some of the real-life examples where we can give Monopolistic competition examples are as follows: 

  • In the restaurant business where there are so many different types of restaurants selling different types of food to people all over the world. 
  • Hotels and pubs that cater to various needs of people from all across the globe. 
  • General specialist retailing
  • A variety of consumer services like hairdressing, etc. 

Aren’t these some most common examples of monopolistic competition that we come across every now and then in our day-to-day lives? Hopefully, you have now understood this concept well. Now, it will be much easier for you to understand these marketing assignments. Let us discuss one of our most recent marketing assignment samples here. 

How To Write A Marketing Assignment On Monopolistic Vs The Perfect Competition? Here’s A Sample For Your Reference

Monopolistic Vs The Perfect Competition Sample

In these years, our marketing assignment help experts have handled a variety of marketing assignments covering these topics. As you can see in the above image, this is the assessment brief for this that we have covered. Here, the economic environment of an organisation has been given. The main objective of this assignment is to prepare a strategic plan and an essay.

sample of Monopolistic Vs The Perfect Competition

These are the points that are included in the essay. If you want us to provide you with the complete solution for this assignment, or any other similar assignments, then you can simply hand us over the requirements. We will get back to you with an instant solution. 

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