Distinguish between monopoly and monopolistic competition

○MONOPOLY ○

○1▪︎Monopoly is the type of imperfect competition where a seller or producer captures the majority of market share due to lack of substitutes or competitors.○

○2▪︎Nil competition exists as only one seller present in the market.○

○MONOPOLISTIC ○

○1▪︎Monopolistic competition is a type of imperfect competition where many sellers try to capture market share by differentiating their products.○

○2▪︎Very high competition exists as there are many sellers.○