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Answer to Question #67693 in Microeconomics for doris

Question #67693
using relevant example differentiate between monopoly and monopolistic competition
explain the implication and short coming of the kinked demand curve in an oligopolistic market
Expert's answer
There is a monopoly, when we have only one producer, but there is a monopolistic competition, when there is a lot of producers in the market, which produce differentiated products.
The kinked demand curve model assumes that a business might face a dual demand curve for its product based on the likely reactions of other firms to a change in its price or another variable.

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