Monopolistic or Imperfect Competition?

Abstract

Some misconceptions examined relative to: marginal revenue, 558; increasing returns, 560; tangency of demand and cost curves, 561; large numbers and divisibility, 562; restriction of entry, 566; differentiation of product, 568.— The nature of monopolistic competition, 570; contrast with imperfect competition, 573.— Significance of the difference with respect to: profits, 576; “competitive” norms, 576; “exploitation,” 577.