MONOPOLY MONOPOLISTIC COMPETITION

25. MONOPOLY	MONOPOLISTIC COMPETITION
1.      Meaning It is market structure in which there is a single seller of a product which has no close substitute. 2.      Competition There is no competition. 3.      Barriers There is very strong barriers to entry 4.      Elasticity of Demand The demand curve slope downwards but it is less elastic because there are no substitutes for the product.	It is market structure in which a large number of firms produced and sell products that are differentiated but close substitutes. There is competition among the firms producing very close substitutes. There is free entry and exist for the firm. The demand curve slopes downwards, but it is very elastic because there are close substitutes for the product.