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.
in monopolistic competition, there is aggressive advertising but in monopoly, there is no advertising at all or a very little. in monopolistic competition,demand curve faced by the firm is more elastic because of availability of close substitutes.