2.
Developed by Edward H Chamberlin
It is a blend of monopoly & perfect
competition
It is a market situation in which there are
many sellers of a particular product,but the
product is differentiated
3.
Large number of sellers
Product differentiation
Free entry & exit of firms
Non price competition
Price policy
5.
No significant barriers to entry
Differentiation creates diversity, choice and
utility
Dynamically efficient and innovative in terms
of new production process and products