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Monopoly and monopolistic competition are two distinct market structures in economics. A monopoly exists when there is a single seller in the market with no close substitutes for the product. This firm has significant control over price and acts as a price maker. There are high barriers to entry, preventing other firms from entering the industry. In contrast, monopolistic competition involves ___ __________ __________ ___ ___ _____ ________ _______ ____ _____.
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