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paper examples.   Monopoly versus Monopolistic Competition
ECO204 Principles of Microeconomics   In the scenario provided,
firms in the potato chip industry were competing in a
monopolistically competitive market structure and were earning
normal rate of return in 2007.   In 2008, two lawyers bought
these firms and combined them to create a monopoly called
“Wonks”.   In this paper, I will discuss the difference between
monopolistic competition and monopoly; its advantages and
disadvantages; how it affect its stakeholders, pricing, output,
demand, and which is more beneficial the company to operate in.
 Understanding the two different market structures will help us
assess which will be more beneficial for Wonks to operate in.  
Let’s start with a quick overview of what a market is and its
classifications.   A market is the institu