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A format of competition of imperfect nature in which there are various sellers selling goods that are different from one another on the basis of certain aspects like quality or brand which means that the goods are not identical substitutes, it is called monopolistic competition.In situations of monopolistic competition, companies take a complete know how about prices of similar products being sold by competitive companies and try to ignore the impact of these prices when compared to the price that they are offering under their brand. A complete detail about monopolistic competition can be learnt if our portal for monopolistic competition homework solutions is visited.
Characteristics that are followed during monopolistic competition
There are several features that markets follow on the basis of monopolistic competition; knowledge about the same can be learnt by checking out our monopolistic competition assignment solutions. A few such characteristics have been discussed below.
- There is a definite control that producers of a product have on the price at which it will be offered in the market.
- Barriers or hindrances are always available to the products at the time of their exit or entry into the market. Details about such barriers can be learnt from our monopolistic competition homework solutions.
- When it comes to the point of view of the consumers, they have several perceptions like; they feel that the difference between products offered by competitive firms may have difference other than the price. Learning about consumer behavior is possible by clicking on our monopolistic competition assignment solutions.
- The number of consumers as well as producers in the market is huge which results in the simple fact that there can possible be no such business that can exercise complete control over the price of products in the market.
- The information about the competitor’s products, their prices or qualities that is available with the firms might not be accurate. So, standardizing one’s own products depending on the information available about their competitors might be difficult at times.
Some undesirable aspects of monopolistic competition:
There are certain aspects that are being practices under monopolistic competition that have been mentioned below. A detailed knowledge about these can be easily obtained on checking out our monopolistic competition homework solutions.
- Generally when the situation is that of perfect competition, there is no scope for the survival of a firm that is inefficient. But on the contrary, when it comes to a condition of monopolistic competition, there is a continuation of inefficient companies to survive.
- When companies are working under a monopolistically competitive market, the scope for maintaining a high standard is not possible and there are times when companies get into expenditure that is completely wasteful for unimportant aspects.
- In times of monopolistic competition, products are often sold to markets that are not local which in turn involves extra transport cost that could have been avoided in case the products would have been sold in local markets. Students wanting to know about the expenditure on transport costs can log on to our monopolistic competition assignment solutions.
- There are conditions where extra expenditure is to a level that firms become incapable of hiring more staff which in turn results in un-employment in the society.
- Often, during conditions of imperfect competition, firms have capacities that are much more than what they are utilizing. The output firms provide at such situations is mostly less than what is desired.
- Under monopolistically competitive conditions, firms spend a lot in advertising their products so that they can reach out to more consumers. Advertising involves a lot of cost which results in the fact that the products of the company are available in the market at prices that are way higher than what they could have been available at if the advertising costs could have been deducted.
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