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-This market has many buyers and sellers

-Similar firms will sell slightly different products

-Very few barriers to enter and exit this market

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Blue and Black Modern Creative Company Profile Flyer

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First, if the price of a product rises, the firm will still sell goods because it is not identical to any other product in the market. Second, differences in products from firm to firm vary. This could be shown by differences in flavors, appearance, location, and packaging.

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What is one difference between monopolistic competition and perfect competition?

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Sellers are the price makers in monopolistic markets. Buyers are the price makers in pure markets.

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Perfect markets have the same profit as similar firms. Monopolistic markets vary profit among firms.

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Pure markets: price goes up, demand goes down. Monopolistic markets: pride goes up, demand goes up.

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1. Firms in this market structure have the freedom to differentiate their products to attract customers based on their own personal preferences. A real life example of this is the design of the products of Apple iPhones vs. Samsung iPhones.

2. Because of the wide range of firms, consumers have the freedom to choose what product best suits their needs, budget, and preferences. A real life example of this could be whether a customer wants McDonald's or Burger King.

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1. Firms in this market structure will often engage in price wars where the prices will lower to gain more customers, this often leads firms to have lower profits than previously. A real-life example of this could be Delta Airlines and Spirit Airlines making their prices lower so consumers will purchase their tickets.

2. Marketing and advertising are increased in order to differentiate products from one firm to another. The money that these companies put into advertising may be more than the profits made. A real-life example of this could be McDonald's using advertising and a jingle to attract customers.