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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.
What else can I help you with?
How are a monopolistic firm and a competitive firm similar?
Monopoly means that there are no competitor for your product or servises
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.
Dominos fast food firm is a monopolistic firm or not?
it is not a monopoly firm
How are a monopolistic firm and a competitive firm similar?
Monopoly means that there are no competitor for your product or servises
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 the disadvantage monopolistic competition?
competitive advertising can be wastefull
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).
Can a monopolistic competitive firm earn long run profit?
In the long run, if a firm is making a profit more firms will enter. This will cause profit to drop. Firms will eventually drop out because of this and economic profit will makes it way to zero(a result of the invisible hand).
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where?
perfectly competitive industry become a monopoly， what changes
