Individual companies will no longer be able to sell their products at above-average cost.
Companies in monopolistic competition will earn zero economic profit in the long run.
At this stage, there is no incentive for new entrants in the industry..
And the judge ruled that Apple doesn't have monopoly power because customers can choose Android phones instead.
She did find, however, that Apple's policies violated California's Unfair Competition Law..
The given statement is FALSE.
Pepsi and coca-cola work in the oligopoly market structure as they are dominant firms in the market where there are other small local firms also..
McDonald's competes in a monopolistically competitive market structure.
Because you just need a grill and hamburger meat, market entry is easy.
But to have some price making power, you require something unique.
You need your McSpicy chicken sandwich and a McRib..
The restaurant industry (monopolistically competitive nationwide) provides an example of a monopolistically competitive market.
In most areas, there are many firms, each is different, and entry is easy.
Each product has many close substitutes sold by different firms, including other restaurants, fast-food outlets..
Real-life examples of monopolistic competition include coffee shops/chains, farmers, and retail industries.
Unlike firms in perfect competition, firms in monopolistic competition have some control over their prices, but it is limited, and they still face competition from other firms..
Real-life examples of monopolistic competition include coffee shops/chains, farmers, and retail industries.
Unlike firms in perfect competition, firms in monopolistic competition have some control over their prices, but it is limited, and they still face competition from other firms..
The given statement is FALSE.
Pepsi and coca-cola work in the oligopoly market structure as they are dominant firms in the market where there are other small local firms also..
Real-life examples of monopolistic competition include coffee shops/chains, farmers, and retail industries.
Unlike firms in perfect competition, firms in monopolistic competition have some control over their prices, but it is limited, and they still face competition from other firms..
The restaurant industry (monopolistically competitive nationwide) provides an example of a monopolistically competitive market.
In most areas, there are many firms, each is different, and entry is easy.
Each product has many close substitutes sold by different firms, including other restaurants, fast-food outlets..
In regard to McDonald's, the Golden Arches is more likely to be engaged in monopolistic competition rather than oligopolistic.
This is because the fast food chain offers similar products to other burger joints like Burger King and Wendy's and is in a fierce battle with its peers on price and brand recognition..
Marketing strategy
