Summarise the Main Similarities and Differences Between Monopolistic Competition and Perfect

question 67

Essay

Summarise the main similarities and differences between monopolistic competition and perfect competition.

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Definitions:

Enforceable

Capable of being imposed or upheld by legal process or action.

Lifetime Employment

A job guarantee in which an employee can expect to remain employed in their position for their entire working life.

Oral Contract

An agreement between parties that is spoken and not written, yet is legally binding unless specifically required by law to be written.

Enforceable

Capable of being executed or imposed in accordance with legal or contractual requirements.