4. Monopolistic Competition markets are characterized by many producers of very similar products. Each producer differentiates the product from the competing brands and tries to make monopoly profits from a small segment of the market that is devoted to that particular brand. The result is a huge selection of brands at widely varying prices given the real differences between the brands. The supermarket provides the many outstanding illustration of this process.
Your assignment is to go to a local supermarket and find a product that fits the description of monopolistic competition and chart the market using the following table. Use products that come in standard sizes or calculate the unit price.
Brand Name Differentiating Characteristic Price
Explain why producers can charge a different price for essentially the same product.
1 answer
Did I miss something? Just the number 4. doesn't tell us what you need.
1 answer