How does monopolistic competition differ from pure competition in its standard characteristics? From pure monopoly? Exsimple totally what product differentiation might involve. Explain just how the entry of firms right into its industry affects the demand curve dealing with a monopolistic contender and also just how that, subsequently, affects its economic profit.
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okay. However, many of us understand what is the actual meaning off Monopoly. Okay. First word situation off. We speak to them you In which smooth player Well, for controls the whole month. Okay. Example I autumn. Okay, so so you understand, police instance in economy, which is singing play or from controls the totality month and also 40. Okay, now we have actually offered the instance of iPhone because the attributes and also corrupt availcapacity and also every one of the kind of features provide the chart provided by iPhone will certainly not be easily accessible if any kind of of the fall in the industry. Okay, However before, tbelow are many type of substitutes to the to this product. OK, yet in it's however in Monopoly, we basically understand also that a single clear, a single player who controls the whole market will be offering just those assets region Do not have actually any kind of substitutes available in the sector. Okay, so no ordered by that. Next, understand also the difference between your competition, your competition feel lumpy. Your competition, huh? Monopolistic monopolistic house. Okay. However, we will understand it through the instance. Ok, but tbelow is an essential feature which differentiate both of them. Okay, So in your competition, tright here is there is exercise off creating standardise assets. Okay, Standard it Bruce implies the sector tasks which will certainly be obtainable. Okay, which will be accessible for all the consumers in exact same point and also foreseen objective. Okay, let's mean that was based. Okay, you see? Yeah. So whatever before it is, OK, currently, as soon as it involves monopolistic competition, tbelow is different shooted that is distinguished commodities are cognitively we deserve to see that day, not customization. Customizable brothers. Vanessa customizable. The first thing which comes to our mind will certainly be operating mechanism. Okay, so everyone knows who knows just how to run a PC. So the entirety computer runs on operating mechanism that has actually ever before been those. Okay, if you're utilizing a Mac macro MacBook Okay, so there's a various operating system, and also if you are utilizing a normal COMPUTER, you will certainly happen. Microsoft home windows. Okay, so in entirety sector, the industry share is immediately shared by Microsoft, OK for producing the Windows operating device. Okay. So the majority of so. We have actually examples Are monopolistic competition as the less your complication. Okay. However, in monopolistic competition, we can say in pure monopoly, although we have actually created it, okay, But you can compose to go on so that in your monopoly. No substitutes. Substitute words I think in okay. And additionally the demand Cough off the pure one opening. Okay, the demand also off the pure will happily fill degrees dvery own. Okay, will certainly loss. If the new entrants are new, rivals will be. Will be willing to enter into the market. OK, Because if if they will certainly be boosting industry, share off other rivals, then they will certainly be for Linda tomorrow. Okay, so this is what we have. Okay, Now, you deserve to compose down every one of this on being your books for future recommendation.
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