What is the main difference between monopolistic competition and monopolies?

What will be an ideal response?

The main difference is that under monopolistic competition there are available substitutes and there is competition whereas under monopoly there aren't available substitutes and there are no competitors. Also, there are barriers to entry in monopoly, but no barriers to entry in monopolistic competition.

Economics

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In 2000, a major U.S. oil company began exploration off the southeastern coast of the United States. Suppose the company discovers huge reserves of natural gas. Using the aggregate demand/ aggregate supply model, predict what shifts will occur and what will happen to output and prices in both the long and short runs

Economics

Without trade, the consumption possibilities for two nations are:

A. outside their production possibilities curve. B. inside their production possibilities curve. C. along their production possibilities curve. D. at a point equal to the world production possibilities curve.

Economics