Answer:
See below
Explanation:
Pure competition is a market structure comprised of very many sellers selling a homogeneous product. It is also known as perfect competition. All firms produce their products using a similar method. There are no barriers to entry or exit. Due to high competition and similar products, firms do not have control over prices.
Monopolistic competition is a type of market structure with many firms selling differenciated products. Because the products are similar but not identical, each firm can set its price. The products offered by the monopolistic competition market are substitute goods.
One difference between the monopolist competition market and pure competition is that while monopolistic competition offers differentiated products, pure competition sells a homogeneous product. Firms in the pure competition are price takers, but monopolistic are price setters.
