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Characteristics of a monopolistic competitive market?
one firm which sells a good price set by that firm hard for other firms to enter market
Is it true the demand curve of a monopolistic competitive firm is more elastic than that of a pure monopolist?
YES
What happens to monopolistic competitive firm that begins to charge an excessive price for its product?
Consumers will substitute with a rival's product.
What is the competitive dimension of monopolistic firm?
The competitive dimension of a monopolistic firm lies in its ability to differentiate its products from those of competitors, which allows it to exert market power and influence prices. Unlike pure monopolies, monopolistic firms operate in markets with many competitors but offer unique products, leading to brand loyalty and reduced price sensitivity among consumers. This differentiation enables them to maintain a degree of control over pricing and output, even as they face competition from similar products. Ultimately, their competitive strategy focuses on innovation, marketing, and customer experience to enhance their market position.
Dominos fast food firm is a monopolistic firm or not?
it is not a monopoly firm
Is it true the demand curve of a monopolistic competitive firm is more elastic than that of a pure monopolist?
YES
Characteristics of a monopolistic competitive market?
one firm which sells a good price set by that firm hard for other firms to enter market
What happens to monopolistic competitive firm that begins to charge an excessive price for its product?
Consumers will substitute with a rival's product.
Dominos fast food firm is a monopolistic firm or not?
it is not a monopoly firm
What does the monopoly surplus graph reveal about the market power and economic efficiency of a monopolistic firm?
The monopoly surplus graph shows that a monopolistic firm has market power, meaning it can set prices higher than in a competitive market. This leads to economic inefficiency because the firm produces less and charges higher prices, resulting in a deadweight loss for society.
What is monopolistic competition and perfect competition?
Three conditions characterize a monopolistic & Perfectly competitive market. First, the market has many firms, none of which is large. Second, there is free entry and exit into the market; there are no barriers to entry or exit. Third, each firm in the market produces a differentiated product. This last condition is what distinguishes monopolistic competition from perfect competition. In perfect competition in addition to the prior two characteristics the firms produces similar products.
What is the disadvantage monopolistic competition?
competitive advertising can be wastefull
Why can a firm in monopolistic competition make an economic profit only in the short run?
A firm in monopolistic competition can make an economic profit only in the short run because in the long run, other firms can enter the market and offer similar products, increasing competition and driving down prices, which reduces the firm's ability to maintain high profits.
What are two types of competitive markets?
Monopolistic competition and oligopoly
What companies in the Philippines belong to monopolistic competitive market?
There are many companies into he Philippines that belong to a monopolistic competitive market. These companies include Ayala, SM Prime Holdings and the San Miguel Corporation.
Bob and john are oligopolists in the market for ice cream. If Bob and John engage in a price war will the price of ice cream in their town be closer to Perfectly competitive market or a monopolistic?
Perfectly competitive, because both firms will compete to earn a greater market share (they are "price takers"), leading to prices that more closely resemble a perfectly competitive market than a monopolistic market (one dominant "price making" firm).
A firm in a monopolistically competitive market is similar to a monopolist in the sense that it?
faces a downward-sloping demand curve
