Think of an industry with heavy advertising. Is it a monopolistic competition industry; why or why...
Think of an industry with heavy advertising. Is it a monopolistic competition industry; why or why not?
Homework Answers
True
Monopolistic competition is a market structure type in which there are large number of buyers and sellers in the market
There are no barriers to entry exit
The products are slightly differentiated in terms of size,shape, colour etc.
In this type of advertising branding is very common because of the harsh competition and each firm try to get more customers
The best example of this is toothpaste industry in which many firms are there and they are slightly differentiated in terms of packaging, quality, taste but heavily dependent on the various type of advertisement
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Think of an industry with heavy advertising. Is it a
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QUESTION 4 Perfect competition differs from monopolistic competition primarily because o in perfect competition, price is a decision variable. in perfect competition, firms have homogeneous products. O in monopolistic competition, entry into the industry is limited. in monopolistic competition, there are many firms in the industry.
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