Question

"Many businesses operate under conditions of monopolistic competition, including independently owned and operated high-street stores and restaurants. In the case of restaurants, each one offers something different and possesses an element of uniqueness, but all are essentially competing for the same customers."

Discuss the above statement in the context of the Canadian Market by comparing business organizations of your choice.

Answer 1

In condition of monopolistic competition, operation of business weather independently owned or operated high-street stores and restaurants.

Competition is very high because customers are same and we have to present our product in such a way that custmer get unique feature in it so that he buy product from us instead of another seller.

If we consider canadian market it is extremely dificult to servive in monopolistic competition for a seller.

Because of the lack of information and second because of the vagueness of the concept.