Question

How does economic rivalry take place in monopolistic competition? Does it even make sense to talk about "product differentiation" when you're choosing among different places to buy the same brand of something like soap or socks (various clothing and department stores, large grocery stores, online vendors--we're considering differentiating the vendor, in this case, not the product)? Similarly, does this concept apply when we're considering something like gardening services, or getting concrete poured, or hiring a plumber?

Describe the different aspects of product differentiation and price competition. If you can come up with your own example, I'll really be happy.

As in the past, I'm looking for a thoughtful paragraph or two that shows you're thinking about monopolistic competitors (not oligopolists), so please spend as much time thinking as you do typing. Please comment substantively (at least a couple of sentences) on two of your classmates' responses. As always, any response that seems to quote too extensively from your text OR from any other source will receive NO points.

Answer 1

Ans :-

• The economic contention that happens in monopolistic competition is non value competition. There are numerous sorts of non value contention. For one , vendors may offer products with various highlights or diverse quality to the purchaser.

Another way is that vendors or firms offer various degrees of help to the client. Location is another significant factor in monopolistic competition. At that point , sort of bundling and method of showcasing and publicizing , additionally makes one product increasingly appealing then the other.

At the point when we are picking among better places to purchase a similar brand of something like cleansers and socks then seller separation will be the most significant piece of product separation. As we are buying a similar brand of a product from better places henceforth discussing product separation doesn't bode well. We can discuss product separation as far as merchant separation. Variables like location of the maker and location of the merchant or retailer assumes a significant job in product separation. Despite the fact that in all actuality it is seller separation.

Essentially after deals benefits likewise influence the confidence of the clients. Essentially when we are thinking about something like cultivating administrations , or getting concrete poured , or recruiting a handyman , it is really seller separation that happens. The skill and the effectiveness of the recruited specialist is the factor on which we will base our choice.

In spite of the fact that there could be little distinction in the nature of cement , plumbing instruments and planting types of gear or seeds , still they will to a great extent continue as before product.

• Similarly, after deals benefits likewise influence the trust of the clients. So also, when we're thinking about something like cultivating administrations, or getting concrete poured, or recruiting a handyman, it's really merchant separation.

The skill and proficiency of the recruited laborer is the premise of our choice. In spite of the fact that there might be little distinction in the nature of solid, plumbing apparatuses and cultivating hardware or seeds, they will even now remain to a great extent a similar product.