Monopolistic Competition - Coffee Shop (Amelia D, Sophia L) by Sophia Lam https://padlet.com/slam00_/jsjww1zst7iy2ya9 en-us 2023-11-06 19:16:36 UTC 2023-11-09 23:01:53 UTC hello@padlet.com Monopolistic Competition Characteristics: slam00_ https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2778544882

  • Market includes many buyers and sellers

  • Firms produce and sell slightly differentiated products

  • Firms have easy entry and exit out of the market

    • ]]>     2023-11-06 19:20:51 UTC https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2778544882     How much do monopolistic competition markets produce? slam00_ https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2778552981 Markets produce the quantity of output at which the marginal cost equals the marginal cost.

    ]]>     2023-11-06 19:27:28 UTC https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2778552981     Example slam00_ https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2778568740 2023-11-06 19:40:08 UTC https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2778568740 slam00_ https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2782102414 2023-11-08 19:16:05 UTC https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2782102414 slam00_ https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2782199585 2023-11-08 20:43:04 UTC https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2782199585 Advantages: slam00_ https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2782208643

  • Low barriers of entry

  • Businesses can offer more unique product choices to consumers

  • Advertising allows businesses to differentiate their products to attract people which can result in an increase of recognition of a certain product or business

    • ]]>     2023-11-08 20:53:02 UTC https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2782208643     What price do monopolistic competition markets charge? slam00_ https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2783833893 By searching for the highest price per unit at which they can sell their entire output.

    ]]>     2023-11-09 19:04:13 UTC https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2783833893     Disadvantages: slam00_ https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2784012562

  • Advertising may mislead consumers in order to stand out

    • Prices may rise since businesses can change prices on certain products

    ]]>     2023-11-09 22:21:41 UTC https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2784012562     Video slam00_ https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2784015240 2023-11-09 22:25:53 UTC https://padlet.com/slam00_/jsjww1zst7iy2ya9/wish/2784015240