Examlex
Monopolistic competition is similar to perfect competition because firms in both market structures:
Asymmetric Information
A circumstance in which one party involved in an exchange has more or better information compared to the other party.
Hidden Action
A concept in economics and game theory where one party's action is not observed or cannot be monitored by the other involved party.
Hidden Characteristic
In economics and contract theory, a hidden characteristic refers to information about a product, service, or individual that is not known beforehand by one of the parties in a transaction, potentially leading to problems like adverse selection.
Asymmetric Information
A situation where one party in a transaction has more or superior information compared to another.
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