Sho needs to purchase a dress shirt for an upcoming job interview. He shops at kohl’s and sees that he can choose from different brands, including apt. 9, chaps, arrow, croft & barrow, and many more. The dress shirts come in a variety of colors, materials, and price points. Which type of competitor structure is illustrated?.

Monopolistic competition exists when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its product. the manufacturers of the dress shirts differentiate them by style and color, materials, and price.

Is monopolistic market good for consumers?

Monopolies are generally considered to be bad for consumers and therefore the economy. When markets are dominated by alittle number of big players, there is a danger that these players can abuse their power to increase prices to customers.

What is a major feature of monopolistic competition?

An important feature of monopolistic competition is that firms incur a considerable expenditure on advertisements and other selling costs to promote the sales of their products. Promoting sales of their products through advertisement is a crucial example of non-price competition.

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