Why demand curve is more elastic
Why demand curve is more elastic under monopolistic competition as compare to monopoly.
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The elasticity of demand is high whenever the product has close substitutes and that elasticity of demand tends to low whenever the product does not encompass close substitutes as we know in monopolistic competition there is a large number of close substitutes whereas in monopoly there is no close substitutes therefore the demand curve beneath monopolistic competition is much more elastic than beneath monopoly.
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I have difficulty in this question. Provide me correct solution of this economy question. Compare & contrast the supposition of monopolistic competition along with perfect competition & monopoly.
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