Question
1.) How do producers use market research to help maximize profits?
2.) Give two examples of companies that are characterized by a monopolstic competition market structure.
All kinds of market research are being done these days. Research on consumer preferences, price elasticities, cross-price elasticities, purchasing habits, determination of complimentary and supplementary goods, etc.
Any company that produces a good that 1) has some brand loyality, and b)is very similar to some other good. E.g., Levi jeans, Coca Cola, Hearshy Chocolates, etc.
2.) Give two examples of companies that are characterized by a monopolstic competition market structure.
All kinds of market research are being done these days. Research on consumer preferences, price elasticities, cross-price elasticities, purchasing habits, determination of complimentary and supplementary goods, etc.
Any company that produces a good that 1) has some brand loyality, and b)is very similar to some other good. E.g., Levi jeans, Coca Cola, Hearshy Chocolates, etc.