Summarise the Main Differences Between Monopolistic Competition and Perfect Competition

question 66

Essay

Summarise the main differences between monopolistic competition and perfect competition.

---

Definitions:

Prima Facie Unconscionable

A legal term indicating that an agreement or term appears, at first sight, to be excessively unfair or unjust.

Common Law

A body of law developed through court decisions over time, as opposed to laws enacted by legislatures (statutory law).

Rescission

The act of cancelling a contract and returning all parties involved to their positions before the contract was made.

Incidental Damages

Compensation for reasonably foreseeable losses caused indirectly by a breach of contract, such as costs incurred to mitigate damages.