It was independently proposed by Edward Chamberlin and Joan Robinson and will lead firms to set prod
It was independently proposed by Edward Chamberlin and Joan Robinson and will lead firms to set production below the socially-optimal level. But unlike true monopolies, the firms realize only normal profits, thanks to a high cross-elasticity of demand. It is structurally very similar to perfect competition, distinguished only by the added factor of product differentiation. FTP, name this type of market structure where many sellers sell slightly distinct products to many buyers.
It was independently proposed by Edward Chamberlin and Joan Robinson and will lead firms to set production below the socially-optimal level.
{monopolistic competition} or {imperfect competition}