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Economics by Terry Hillman

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CHAPTER14

Monopolistic Competition

In This Chapter

  • How monopolistic competition differs from other market structures
  • Identifying the inefficiencies in monopolistic competition
  • The importance of advertising and brand name recognition in monopolistic competition
  • The similarities and differences among market structures

In the spectrum of market structures, monopolistic competition falls between the oligopoly and perfect competition. These are the firms that produce household brands of toothpaste, coffee, cereal, detergents, and many other products. You probably see more advertising by these companies than from any other market form. Without advertising, ...

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