Question
Choose one of the below discussion topics and respond to this forum. 1. Monopolistic competition and oligopoly are introduced in Chapter 10. How would you
Choose one of the below discussion topics and respond to this forum.
1. Monopolistic competition and oligopoly are introduced in Chapter 10. How would you explain the difference between these two market structures to a struggling classmate who asks for your help?
2. After reading through Chapter 10 in the textbook, to what extent to do you think advertising impacts monopolistic competition? Does heavy advertising eventually lead to higher costs for consumers? Please explain.
3. Think about different products you consume that are produced in a monopolistically competitive industry (a market containing a larger number of competing firms with differentiated products). Would you rather have efficiency or variety in these products? Would you agree that one opportunity cost of increased variety of products is that each product costs more per unit? Explain.
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