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.
Long Run Pricing and Output for the Monopolistically Competitive Firm. Unlike a monopoly industry, new firms can enter the monopolistically competitive industry. And like a perfectly competitive industry, economic profits attract new firms seeking a share of those profits into the industry.onopolistic Competition and Oligopoly. Characteristics of Monopolistic Competition. We begin our analysis by looking at a model of monopolistic competition. As the name monopolistic competition suggests, the industry shares characteristics of both a perfectly competitive industry and a monopoly.