Chapter 16 - Monopolistic Competition

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7 Terms

1

Monopolistic competition

________: a market structure in which many firms sell products that are similar but not identical.

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2

vital information

On the bright side, advertising can provide ________ to customers by conveying the price and all else that the product has to offer.

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3

Profit maximization rules

________ are also used in a monopolistically competitive run.

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4

Oligopoly

________: a market structure in which only a few sellers offer similar or identical products.

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5

Brands

________ can provide consumers with information and /or incentives.

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6

firm

In a monopolistic competitive ________, the price exceeds the marginal cost.

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7

Monopolistic competition

________ is indeed a mix of monopoly and competition.

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