Monopolistic competition is a market structure characterized by many firms that sell products that are similar but not identical, allowing for differentiation. In this environment, firms have some degree of market power, enabling them to set prices above marginal cost. Entry and exit in the market are relatively easy, leading to zero economic profit in the long run. Examples include restaurants and retail clothing stores, where each offers unique variations of a product.
Monopolistic Competition
monopolistic competition
Existence of large firms, no competition and influence over the prices are some of the characteristics of monopolistic competition.
My heartfelt apologies, I don't mean to be rude. But, is this a loaded question? If it is a monopoly, there's no competition. Therefore you can determine the price any way you want. {eijgniy: hey there is such a market called monopolistic competition.
Monopolistic competition is inefficient compared to perfect competition because firms in monopolistic competition have some degree of market power, allowing them to set prices higher than in perfect competition. This leads to higher prices for consumers and less efficient allocation of resources. Additionally, firms in monopolistic competition may engage in non-price competition, such as advertising, which can further reduce efficiency.
Monopolistic Competition
monopolistic competition
Existence of large firms, no competition and influence over the prices are some of the characteristics of monopolistic competition.
In monopolistic competition, sellers can profit from the differences between their products and other products.
My heartfelt apologies, I don't mean to be rude. But, is this a loaded question? If it is a monopoly, there's no competition. Therefore you can determine the price any way you want. {eijgniy: hey there is such a market called monopolistic competition.
The disadventages of this is that ... well it sucks muahhahaha Disadvantages of a household in monopolistic competition are that a monopolistic competition work as one big industy and no one can start there own bussinesses because they government will not allow it.
Monopolistic competition is inefficient compared to perfect competition because firms in monopolistic competition have some degree of market power, allowing them to set prices higher than in perfect competition. This leads to higher prices for consumers and less efficient allocation of resources. Additionally, firms in monopolistic competition may engage in non-price competition, such as advertising, which can further reduce efficiency.
they maximize profit
Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly
Pure Competition Monopolistic Competition Oligopoly Monopoly
xvdjxdgjxfdgjxgj
monopolistic competition