| 单词 | monopolistic competition |
| 释义 | monopolistic competition A market situation with a limited number of sellers, where each believes that the price that can be charged is a decreasing function of the quantity sold. Monopolistic competitors believes they face downward-sloping demand curves, but do not attempt to anticipate the reactions of individual competitors. Under monopolistic competition it is expected that free entry will eliminate abnormal profits. Monopolistic competition is contrasted with oligopoly, where firms do attempt to forecast the reactions of individual competitors. |
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