Hello,Monopolistic competition is a model of market structure in which competitors provide products or services that are similar but can be differentiated from each other.In this model, each company has a product or products that are similar to their competition but are not perfect substitutes. It’s the small differences between companies that allow them to compete for a similar customer base.They may differentiate themselves through product differences, branding differences, marketing differences, and/or distribution differences.You may have a look at these videos that has been uploaded on you tube by SOURAV SIR'S CLASSESExamples of monopolistic competition are seemingly endless, as any two companies offering similar products or services and competing for the same customer in the same market are said to be engaged in monopolistic competition.For example, if you need a haircut, there are likely several salons in your area that could satisfy this need. Each business’ goal is to entice you (the customer) to use their business instead of their competitor’s business.Just a few examples of monopolistic competition include:Dry cleanersBars/nightclubsCoffee shopsGrocery storesPharmaciesGas stationsHotelsHardware/home improvement storesFurniture storesLandscaping/lawn care servicesCar washesAutomotive service companiesFor detailed information you may visit their official website which is SOURAV SIR'S CLASSES | ISI,IITJAM,DSE,TIFR,BSC ECO STAT MATH COACHINGThey provide the facility of both online as well as offline classes.Hope this was helpful.
By definition a monopoly is the sole provider. There is no competition. A pharmaceutical or medical company might have a monopoly.Coca-cola and Pepsi are a good example of an oligopoly, where only two companies control 90%+ of the soft drink market. Telecom companies our cable companies are good examples. In many communities people only have the choice between two providers.It becomes tricky when there are suitable alternatives. Coca-cola and Pepsi have an oligopoly on soft drinks, but not the beverage market.The closest I can think of that fits the definition of a monopolistic competitive industry is an industry where disruptive innovations occur on a recurring basis. The tech industry fits that description. A particular company like Microsoft or Apple may have a monopoly on a particular product line for a few years, but it is competitive in the sense that R&D budgets are massive, helping to continously innovate and keep monopolies from lasting very long.Uber disrupting the taxi cab industry is a good example of disruptive innovation, breaking the hold of cab companies that had oligopolies, but I don't see that as being a recurring process like you see with the tech industry.
Hello,Monopolistic competition is a model of market structure in which competitors provide products or services that are similar but can be differentiated from each other.In this model, each company has a product or products that are similar to their competition but are not perfect substitutes. It’s the small differences between companies that allow them to compete for a similar customer base.They may differentiate themselves through product differences, branding differences, marketing differences, and/or distribution differences.You may have a look at these videos that has been uploaded on you tube by SOURAV SIR'S CLASSESExamples of monopolistic competition are seemingly endless, as any two companies offering similar products or services and competing for the same customer in the same market are said to be engaged in monopolistic competition.For example, if you need a haircut, there are likely several salons in your area that could satisfy this need. Each business’ goal is to entice you (the customer) to use their business instead of their competitor’s business.Just a few examples of monopolistic competition include:Dry cleanersBars/nightclubsCoffee shopsGrocery storesPharmaciesGas stationsHotelsHardware/home improvement storesFurniture storesLandscaping/lawn care servicesCar washesAutomotive service companiesFor detailed information you may visit their official website which is SOURAV SIR'S CLASSES | ISI,IITJAM,DSE,TIFR,BSC ECO STAT MATH COACHINGThey provide the facility of both online as well as offline classes.Hope this was helpful.
Give me and example of monopolistic competition relate with example in travel agency industury?
Monopoly: comcast, The Federal Reserve financial corporation is a monopoly on producing money interior the U. S. Monopolistic opposition: tooth paste, lavatory paper (businesses have quite the comparable product, yet use diverse merchandising and pricing) oligopoly: # Oligopolistic industries incorporate the oil, beer, tobacco, accounting and audit centers, airplane, protection tension kit, and motorized motor vehicle industries. # Many media industries on the instant are surely oligopolies. Six movie studios get carry of ninety% of yank movie sales, and four considerable music businesses get carry of 80% of recording sales. There are merely six considerable e book publishers, and the television industry grow to be an oligopoly of three networks – ABC, CBS, and NBC – from the Fifties interior the path of the Seventies. television has different on the grounds that then, incredibly by fact of cable, yet on the instant it remains ordinarily an oligopoly (by concentration of media possession) of 5 businesses: Disney/ABC, CBS company, NBC widespread, Time Warner, and expertise company.
Which of the following industries is not an example of an oligopoly?
All four, though c less. but there will always be a big market for air travel.
Which of the following markets is an example of monopolistic competition?
There is a high degree of product differentiation in these markets. I would say that none of them are good examples, but bottled water might be good enough. There is no real difference in many of the product offerings, with advertising being the largest price determinant, along with distribution economies.
Monopolistic competition: This type of market structure is like a combination of monopoly and perfect competition. It is a more practical type of market structure as compared to the perfect competition.Following are the features of monopolistic competition:Fairly large number of buyers and sellers: The number of buyers and sellers of a commodity is fairly large. However, the number is not as large as that in the case of perfect competition.Product Differentiation: ln monopolistic competition, the products sold by the sellers are not perfect substitutes of each other i.e., they are not exactly identical in terms of shape, size, colour, weight, etc. However, the products are close substitutes of each other.Free entry and exit: There are no legal, natural, commercial or technological barriers to entry and exit of firms.Presence of Selling Costs (High Advertisement Cost): Since the products of sellers are close substitutes to each other, sellers have to incur heavy advertisement costs (selling cost) to promote their differentiated products.Non-price competition: The firms under this form of market structure do not get into price wars. They indulge in a non-price competition like offering better after sale service, heavy promotion, running contests etc.No perfect knowledge of market conditions: The buyers and sellers don't have perfect knowledge about available products and prevailing market prices.The imperfect mobility of factors of production - Factors of production are not perfectly mobile in this type of market structure.For more detailed information refer - Monopolistic Competition - Features