Sudbury schools do not use formal grade levels or educational stages. Instead, students ages 4 through 18 are intermingled in a democratic educational system, relying on a series of certifications to use equipment that may require specialized knowledge and/or safety procedures.
Freebase(0.00 / 0 votes)Rate this definition: Monopolistic competition. Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes. In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. In the presence of coercive government, monopolistic competition will fall into government-granted monopoly.
- Monopoly (only one seller) - Oligopoly (few sellers of goods) - Monopolistic competition (many sellers with highly differentiated product) - Monopsony (only one buyer of a product).