https://padlet.com/alee005/a84uvs0q0jxc Made with ♥ en-us 2016-11-04 00:42:32 UTC 2016-11-04 02:20:37 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Manbag.png alee005 https://padlet.com/alee005/a84uvs0q0jxc/wish/135266821 Monopolistic competition has many sellers and buyers.Businesses sell similar or unique products. a
Products can be a substitute for another but it won't be the same. There is no entry and exit cost. It includes an independent decision on price and output, its products, its market , and its cost of production. sellers use advertising to differentiate their products.]]> 2016-11-04 00:45:21 UTC https://padlet.com/alee005/a84uvs0q0jxc/wish/135266821 alee005 https://padlet.com/alee005/a84uvs0q0jxc/wish/135269239 McDonald's is the top fast food chain in the world. They have about more than 36,000 locations around the world with many types food. Most Mcdonald's restaurants is own by local business men and women. Mcdonald serves a menu with a variety of quality food. For example, crispiest french fries, many types of burgers , coffee drinks (Mc cafe), chicken sandwiches, chicken nuggets and etc. ]]> 2016-11-04 01:11:44 UTC https://padlet.com/alee005/a84uvs0q0jxc/wish/135269239 alee005 https://padlet.com/alee005/a84uvs0q0jxc/wish/135272600 - Buyer have many options due to the differentiated product as every product have a unique feature. ( McDonald's french fries and Big Mac)
-Sellers advertise a product in which buyers determine to purchase the product by the way it was shown. (The quality of a Dave's Burger (Wendy's) on television.
-The company adds a new feature to a product or a way for customers to buy their products. (McDonald's Mcpick 2 for $5)]]> 2016-11-04 01:47:24 UTC https://padlet.com/alee005/a84uvs0q0jxc/wish/135272600 alee005 https://padlet.com/alee005/a84uvs0q0jxc/wish/135273635 - Dues to the differentiated products companies may raise their price more than the regular price.
(Wendy's prices on their menu is higher than McDonald's menu )
-Companies try to differentiate products from others by adding new feature without concentrate on the basic product. (Burger King add new product but they don't improve the quality of their regular menu items.
-Companies spend too much money on commercial in which the expanse increases the price of products.
(people want to raise the minimum wage but it will increase the price for product) ]]> 2016-11-04 02:00:42 UTC https://padlet.com/alee005/a84uvs0q0jxc/wish/135273635 alee005 https://padlet.com/alee005/a84uvs0q0jxc/wish/135275566 A video clearly ]]> 2016-11-04 02:19:35 UTC https://padlet.com/alee005/a84uvs0q0jxc/wish/135275566