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A monopolistic competition, with reference to Economics, is an imperfect market condition where a large number of firms compete with little-differentiated products, so that they don’t act as substitutes of one another. The differentiation is brought about by quality or marketing or any other plausible innovative way.It’s a theory in Economics that’s caused a lot of dread among students owing to its abstruse nature. Taking monopolistic competition and economic homework help from myhomeworkhelp.com could beat the dread.
Characteristics:
A monopolistic competition in Economics is characterized by little to low barriers to entry and exit and the decisions taken by one firm does not affect the strategies of the other firms. Another significant characteristic of a monopolistic competition is its heavy reliance on advertising or branding, which causes the differentiation among goods and services. Our monopolistic competition and economic assignment help have been proven effective among students because of the expert assistance it offers.
Economic conditions for Monopolistic Competition:
In order for firms to compete or qualify as Monopolistic competition, there are four criteria to be fulfilled. They are:
- Large number of competing firms.
- Zero to low barriers to enter and exit the market.
- Product differentiation.
- Price control by the firms.
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Economic effectiveness in short and long runs:
When speaking in terms of Economics, a monopolistic competition has different outcomes in the short and long runs. The economic profit of the firms in the short run is highly positive but tends to zero in the long run.The demand could be moderately elastic in the short run but highly elastic in the long run; making it sensitive to price alterations. Owing to such intricacies, students can take external assistance by availing our monopolistic competition and economic assignment help.
Role of advertising:
Advertising plays a crucial role in the monopolistic competition when it comes to differentiation. There could be firms that advertise on the high quality of the products, firms advertising on the monetary benefits achieved by the products, firms advertising on the brand value of the products, and whatnot. An industry professional could be the right person to educate on the impact advertising plays in monopolistic competition.This could be achieved by taking our monopolistic competition and economic homework help.
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