what are the differences between perfect competition and monopolistic competition

Perfect competition is a market structure containing many sellers, all selling all selling almost identical products, such as vegetables like corn to buyers. monopolistic competition is a market structure containing many sellers, selling close substitute goods, such as coffee shops, which can have some differentiation in nature between each seller. Furthermore, price under perfect competition is determined by demand and supply forces for the whole industry, and therefore also faces a horizontal, perfectly elastic demand curve slope, as they have no independent control of pricing. Under monopolistic competition Each firm makes independent decisions about price and output, based on its product, its market, and its costs of production, and so they face a downwards sloping, relatively elastic demand curve. Finally under perfect competition, there are no barriers to entry and exit for firms, whereas under monopolistic competition there are few barriers to entry.