https://padlet.com/mvang04/ww3hg1oq3c7d economics Getzlaff 4 en-us 2016-11-01 17:37:36 UTC 2025-10-25 17:51:58 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Manbag.png mvang04 https://padlet.com/mvang04/ww3hg1oq3c7d/wish/134575130 Monopolistic competition is when many different firms sell similar or unique products. ]]> 2016-11-01 17:49:38 UTC https://padlet.com/mvang04/ww3hg1oq3c7d/wish/134575130 mvang04 https://padlet.com/mvang04/ww3hg1oq3c7d/wish/134578704 Little Caesars is in the pizza business competition. As commonly known, there are thousands of pizza places around the United states that sell similar pizzas (similar topping choices, similar shapes, etc) but with small differences. Some go down the route of adding to their pizza with more toppings, more features like stuffed crusted pizzas; however, Little Caesars decided to instead lower their prices down to five dollars.]]> 2016-11-01 17:59:58 UTC https://padlet.com/mvang04/ww3hg1oq3c7d/wish/134578704 mvang04 https://padlet.com/mvang04/ww3hg1oq3c7d/wish/135183120  • The market has many buyers
 • The seller is the price maker
           (EX) Little Caesars keeps their prices as low as $5. Although their profit per pizza 
                    won't be as great as Domino's pizzas, they make up for it by grasping many
                    customers with their always low prices. This is why they are in the top three.
 • Customers may gain knowledge about a product through other competitors
          (EX) Because pizza has been around with places such as pizza hut, when little                                   caesars began they didn't have to try and sell people a brand new product, they
were able to hop onto the already famous business.
 • Limited competition 
 • Free entry or exit from the market
          (EX) Because no one owns "the pizza," many companies are able to hop right into the 
                   competition with no problem. The product won't be brand new. Because of this, 
                   pizza places such as "Punch" are able to create their own and build their way to                         the top also. ]]> 2016-11-03 17:53:17 UTC https://padlet.com/mvang04/ww3hg1oq3c7d/wish/135183120 mvang04 https://padlet.com/mvang04/ww3hg1oq3c7d/wish/135276663  • The market has many sellers. 
          (EX) The competition is endless. There will always be the big competitions such as 
                   Dominos, Pizza Hut, and little caesars; however, there will also be small local                             businesses in the competition that may steal some business, such as '$5 pizza.'
 • The seller has to spend quite a bit on advertising. 
          (EX) Because there are so many companies selling similar products, one must make                       theirs stick out by advertising. In 2014, Pizza hut spent $233 million dollars on                         advertisements while Dominos pizza spent $105 million dollars. 
 • Manufacturers can affect the price. 
 • Lack of innovation.
          (EX) Pizza hut has decided to keep the interior designs the same in all of their huts;                         however, when they tried to get innovative by doubling the options on their menu,                    many tended to buy their usual orders anyway. ]]> 2016-11-04 02:26:21 UTC https://padlet.com/mvang04/ww3hg1oq3c7d/wish/135276663 mvang04 https://padlet.com/mvang04/ww3hg1oq3c7d/wish/135280618 In this video, they explain how each store have similar products, but are their own individuals. They may carry different prices and decisions, but none of these will effect their competitors. Competition will continue to grow until some of the competitions economic profits are zero. ]]> 2016-11-04 03:23:20 UTC https://padlet.com/mvang04/ww3hg1oq3c7d/wish/135280618