Studied by 3 peopleTags & Description
Monopolistic competition
________ is a market served by many firms that sell slightly different products.
Profit
= (price - average cost) X quantity
differential product
A _______________, firms engage in product differentiation, the process used by firms to distinguish their products from the products of competing firms. A firm can distinguish its products from the other products of other firms by offering a different performance level or appearance. Some products are differentiated by the services that come with them.
artificial barriers to entry
No ______________, there are no patents or regulations that could prevent firms from entering the market.
artificial barriers
No ______________ to entry, there are no patents or regulations that could prevent firms from entering the market.
Note
Flashcard