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W‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍e have discussed how Monopolistic Competition is a market structure that describes many “real world” businesses we see around us. This market structure is the hybrid structure that its name implies. It shares characteristics with both competitive markets and the model of monopoly. For this assignment, compare and contrast the model of Monopolistic Competition with each of Perfect Competition and Monopoly. You could even construct a table or chart if that approach seems useful. Specifically, what does‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍ monopolistic competition have in common with the model of perfect competition? How is monopolistic competition different from perfect competition? What does monopolistic competition have in common with the model of monopoly? How is monopolistic competition different from monopoly? Be sure to also include in your answers the ways in which the long-run equilibrium of monopolistic competition compares to each of perfect competition and monopoly in the long run. Be sure each question is fully answered‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍.


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