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https://www.youtube.com/watch?v=3TWfp1pvxHY

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-Some differentiation does not create utility but generates unnecessary waste, such as excess packaging. Advertising may also be considered wasteful, though most is  informative rather than persuasive
-There is allocative inefficiency in both the long and short run. This is because prices are above marginal cost in both cases.
-In the long run the firm is less efficient

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-No significant barriers to enter/exit the market, therefore the markets are contestible
-Differentiation creates diversity, choice and utility
-Market is more efficient than monopoly, they may be dynamically efficient

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An economist might say that Starbucks is perfectly competing in a monopolistically competitive market structure. Because you just need an espresso maker and some beans, market entry is easy. But to be successful, you need something unique–the monopolistic part. Starbucks, through its beans, its barista training and its store design competed successfully. Also, facing monopolistic competition in large cities like NY and Chicago, they needed a store on every block.