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Earn +20 ptsQ: Should monopolistic competition be regulated
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Is product of shampoo include in monopolistic or perfect competition?
Monopolistic Competition
Is Best Buy an oligopoly or monopolistic competition?
monopolistic competition
What is the explanation for the features of monopolistic competition?
Existence of large firms, no competition and influence over the prices are some of the characteristics of monopolistic competition.
What does monopolistic competition and perfect competition have in common?
they maximize profit
Why is monopolistic competition inefficient compared to perfect 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.
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