Why monopolistic exist?
What is monopolistic competition? Who created it?What is the advantages and disadvantages of monopolistic?
A monopoly is when a company has total control of a product. There is no competition. So the company (or person) can do whatever they want.
And that's the disadvantage. The consumer is the one who has to pay the price the monopoly wants. Healthy competition keeps prices reasonable and ensures that research and development is ongoing so better products are created.
monopolistic competition is also called as group competition. the main reason for existing monopolistic competition in the world is the nature of monopolistic market. that is there is a free opportunity to enter and exit in the monopolistic market.
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