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Explanations on the reason why the chosen company is in the monopolistic market based on its...

Explanations on the reason why the chosen company is in the monopolistic market based on its characteristics.

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Answer #1

Certain features can be identified to know market status of company:

  • In monopolistically competitive market, there are close substitutes of products. These products are not identical but can be used as substitutes for each others.
  • Selling cost is very high, firms tend to increase demand for their products through the expenditure on advertisements.
  • Entry and exit of new firms in market are easy.
  • Consumers do not have perfect knowledge about the market.
  • These firms have excess capacity available, thus these firms do not operate at full potential level or capacity level.
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