monopolistic competition
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6 Terms
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What is monopolistic competition?
Form of imperfect competition, where products are slightly differentiated, with close but not identical substitutes
2
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What does monopolistic competition mean for firms?
Many firms in industry, ease of entry and exit, firms have some price setting power
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What is the concentration ratio in monopolistic comp?
low
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What profit do MC make?
SNP in short run, normal in long run
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What is demand in MC?
Relatively elastic
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How could a kennels differentiate?
Groomers, vets, premium dog food, hydrotherapy
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