Question
A coffee shop, just like most small business in the US, is considered part of the monopolistic competition market structure. This is not to be
A coffee shop, just like most small business in the US, is considered part of the "monopolistic competition" market structure. This is not to be confused with the "monopoly" market structure, which is when only one company dominates the market fully. "Monopolistic competition" markets have lots of similar competitors, and no single competitor dominates the market. Class, why would business and marketing strategies for such a business be different for a company competing in such market than for one that happens to be part of a "monopoly" market structure?
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