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A. What are the main theoretical differences between perfect competition and monopolistic competition? B. Analyze the...

  1. A. What are the main theoretical differences between perfect competition and monopolistic competition? B. Analyze the relationship between imperfect competition and international trade.
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Answer #1

A - The main differences are -

1 - Perfectly competitive firm has perfectly elastic demand curve whereas the monopolistic market has a less elastic demand curve

2 - Competitive firm cannot make economic profits whereas monopolistic firm can earn profits in the short run

3 - There is no product differentiation and price discrimination in competitive market but it is present in the monopolistic market

4 - Competitive firm sells homogenous products whereas monopolistic firm sells differentiated products

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