The paper restates Hart's [1985a, 1985b] definition of large group monopolistic competition, distinguishes it from oligopolistic competition, and raises the question of whether there are reasonable circumstances that give rise to true monopolistic competition as defined. The purpose is to show that consumers' imperfect information may create conditions that will turn an otherwise oligopolistic market into a truly monopolistically competitive one.
|Original language||English (US)|
|Number of pages||19|
|Journal||Quarterly Journal of Economics|
|State||Published - Jan 1 1986|
ASJC Scopus subject areas
- Economics and Econometrics