Monopolistic competition is the type of market competition where businesses produce or manufactured goods, services and products meant for the same purpose. However, products and services are not identical. For example, looking at the hotel industry, some restaurants offer prestigious local food while others provide exotic food such as Chinese, Italian, and Mediterranean cuisines among others. Note that the restaurants may occupy spaces within the same geographical areas, all targeting a similar market.
Types of Monopolistic Competition
The monopolistic competition involves selling different products which serve the same purpose. The products may be different in terms of quality, style, and convenience.
The oligopoly competition refers to a few sellers supplying a large portion of products in the market. A perfect example is cruise lines and airlines businesses.
The monopoly competition involves one seller supplying a product for a large geographical area. Examples of such are electricity, water, and gas suppliers.
Monopolistic competition refers to numerous businesses producing similar products which consumers use for the same purpose, but both sellers and consumers cannot term the items as perfect substitutes. The clothing industry is an ideal example of monopolistic competition. Brands such as Burberry, Prada, and Luis Vuitton among others manufacture body wear of different quality, fashion, and prices.
Features of Monopolistic Competition
The competition involves a large number of sellers competing for a similar target market. Each seller has a proportional share of the existing market.
The prices of the sellers differ. However, they differ by a small margin. The competitors need to maintain prices that consumers consider as reasonable.
Monopolistic businesses set their terms and conditions. The government does not control monopolistic sellers, unlike the oligopoly situation. Thus, they do not consider the effect their decisions may cause on the market.
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