Monopolistic

Characteristics

Low barriers to entry
Many buyers and sellers
SNP in SR only
Differentiated products
Price Maker

Examples

Local takeaway - (Chinese, chippy, Italian food, Pizza, Kebab)
Estate Agent

SR

In the SR a monopolistic firm can behave like a monopoly - the diagram is the same.

Monopolistic in the SR

LR

However, in the LR, other firms see there is super normal profit, and since there is only low barriers to entry, other firms are able to enter the market and compete away the SNP.

Monopolistic in the LR