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.
University of Pacific-Economics 53 Lecture Notes #15 I. Features of Monopolistic Competition Like the name suggests, a monopolistically competitive industry has features from both a monopoly market structure and a perfectly competitive market structure.. Price and Output Determination Under Monopolistic Competition in the Long-Run One of the assumptions we made about a monopolistically competitive industry was that entry and exit in the industry is easy.