Michael Weiss is a columnist for Foreign Policy, The Daily Beast, and NOW Lebanon. He is also a fellow at the Institute of Modern Russia where he is the editor-in-chief of The Interpreter, an online news and translation journal covering Russian foreign policy and the ongoing war in Ukraine.
Perfectly competitive firms are small in size in relation to the market size â and none of these firms control the market. A monopolist firm, on the other hand, is larger and controls the entire market for its industry. Monopolistic firms are price makers by virtue of their market control.
Monopolistic competition. Monopolistic competition is a market structure defined by four main characteristics: large numbers of buyers and sellers; perfect information; low entry and exit barriers; similar but differentiated goods.onopolistic competition is a market structure defined by four main characteristics: large numbers of buyers and sellers; perfect information; low entry and exit barriers; similar but differentiated goods.