Monopolistic Competition: Structured Market (Essay Sample)
Define what monopolisitic competition is
- name and industry that you would consider as an example of monopolistic comptetition and why
- name 5 firms in this industry
- what is the product that they all make that is similar but slightly different
- what are the differences
- how and where do they use advertising to differentiat their product from the other firms.
Date of Submission
A monopolistic competition is a situation whereby there is a structured market that does combine both the elements of competitive market structure and monopoly market structure. The competition is neither, pure or perfect. Here, large firms are producing several products that are differentiated but are close substitutes for each other, and thus have to compete against each other on any other factor other than just price only.
Five firms in the restaurant industry include Mc Donald's, Starbucks, Yum Brands, Chipo the Mexican Grill and Darden Restaurants Inc. The products that they all make are similar but different are end products consumable foods but with some variations so as to remain ahead in the stiff competition available in the market.
Some differences include; some dine in while the others are not, some have quite complicated menus which require a customer to request for explanations so as to know and be sure of what they are ordering, while in the others like fast food restaurants, the menus are quite easy to understand.
Dine in kind of restaurants has their meals usually served in courses unlike in the others like fast food restaurants where the meals are not in courses. In dine in res
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