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As the name monopolistic competition implies, a firm’s decisions in this setting will in certain ways resemble ______________ and in other ways resemble ________________.

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Answer:

Monopoly, Perfect Competition

Step-by-step explanation:

As the name monopolistic competition implies, a firm’s decisions in this setting will in certain ways resemble a monopoly and in other ways resemble perfect competition.

Monopoly is a market structure where the participant is a single seller that dominates the overall market as he is offering a unique product or service whereas a monopolistic competition is a competitive market that has only a handful of sellers and buyers that offer close substitutes to the end users. Perfect Competition is a competitive market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.

Therefore Monopoly and Monopolistic competition can fix their prices while Perfect competition and Monopolistic competition are both competitive markets

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