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

4. 
Selling cost

Less mobility

Imperfect knowledge

5. 


No significant barriers to entry
Differentiation creates diversity, choice and
utility
Dynamically efficient and innovative in terms
of new production process and products

6. 
Some doesn't create utility generate waste

Profit maximization