Oakton Community College Monopolistic Market Competition Paper

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Oakton Community College Monopolistic Market Competition Paper

Economics, Oakton Community College

Oakton Community College Monopolistic Market Competition Paper

Description

Select a firm in an industry that operates in a monopolistic competition market structure. Some questions to ponder as you write this area of the assignment are:

-What are the basic assumptions of a monopolistic competitor? Explain in your own words what the assumptions imply for the firm that you have chosen.

-How do the assumptions you’ve identified above affect the price a monopolistic competitor charges for their product/service?

-What is differentiation for the monopolistic competitor you’ve chosen?

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