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.
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.