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Assumptions Of Monopolistic Competition.

In this video I will explain assumptions of monopolistic competition. The concept of monopolistic competition as a market structure was first presented in the 1933 by professor and economist Edward Chamberlain of Havard University in his book "Theory Of Monopolistic Competition". perfect Competition and Monopoly are two extreme cases of market structure. Under monopolistic competition there is a large number of firms competing with each other in order to sell their product in the market. A combination of monopoly and perfect competition is called as monopolistic competition. It is a case of imperfect competition. So Monopolistic Competition is a type of imperfect competition such that there are many producers competiting against each other but selling products that are differentiated from one another and not perfect substitutes. For example restaurants, clothing stores,coffee shops, soaps and Shampoos etc.