GENERAL KNOWLEDGE

Detailed explanation-1: -He published his book The Theory of Monopolistic Competition in 1933, the same year that Joan Robinson published hers on the same topic: The Economics of Imperfect Competition, so these two economists can be regarded as the parents of the modern study of imperfect competition.

Detailed explanation-2: -His doctoral thesis became the basis for Theory of Monopolistic Competition (1933), a book that spurred discussion of competition, especially between firms whose consumers have preferences for particular products and firms that control the prices of their products without being monopolists.

Detailed explanation-3: -In Chamberlinian monopolistic competition every one of the firms have some monopoly power, but entry drives monopoly profits to zero. The concept gets its name from Edward Chamberlin. One example where Chamberlinian monopolistic competition can be experienced is the book market.

Detailed explanation-4: -Chamberlin began his 1951 essay by claiming that his theory dealt with all competitive situations, from the extremes of monopoly to the extremes of competition.