Part 1: Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the business and its likely main competitors. How would you structure your advertising and customer service to differentiate your product/service? How easy would it be for new competitors to enter your market and erode your customer base or selling price? What would be your
Part 1: Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the business and its likely main competitors. How would you structure your advertising and customer service to differentiate your product/service? How easy would it be for new competitors to enter your market and erode your customer base or selling price? What would be your
Chapter11: Monopolistic Competition, Oligopoly, And Game Theory
Section11.1: The Theory Of Monopolistic Competition
Problem 2ST
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Part 1: Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a
- Describe the business and its likely main competitors.
- How would you structure your advertising and customer service to differentiate your product/service?
- How easy would it be for new competitors to enter your market and erode your customer base or selling price?
- What would be your prognosis for the long-term profitability of such a business?
- What could you do to protect that long-term profit stream?
Part 2: What types of
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