Question: As you know, perfect competition and monopolistic competition differ in important ways. Show your understanding of these differences by listing the following terms under either

As you know, perfect competition and monopolistic competition differ in important ways. Show your understanding of these differences by listing the following terms under either €œperfect competition€ or €œmonopolisticcompetition.€

Perfect Competition Monopolistic Competition standardized product differentiated product allocative efficiency productive efficiency horizontal demand curve downward-sloping demand curve no control over price excess capacity

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