micro economics monopolistic competition
A number of industries in the uk are said to operate under conditions of monopolistic competition. Monopolistic competition with its focus on a large number of producers is a realistic model of market competition. Evaluate using an appropriate diagrams the advantages to the consumer of monopolistic competition.
Original post by vova_priv07
A number of industries in the uk are said to operate under conditions of monopolistic competition. Monopolistic competition with its focus on a large number of producers is a realistic model of market competition. Evaluate using an appropriate diagrams the advantages to the consumer of monopolistic competition.
-contestable market with many firms so they can compete and try to keep prices low for consumers to compete
-slightly differentiated products so they can also create dynamic efficiency to partake in non price competition
-tend to be local so create brand loyalty and relationships with consumers
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