A firm in an industry with many other firms spends a significant amount on advertising to ensure consumers recognize their logo. What type of market structure does this firm lik…

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asked Feb 2, 2022 170k views

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Jubin Patel · Answer 1 · 2022-02-06T14:15:02+0000

Answer:

Monopolistic competition

Step-by-step explanation:

A monopolistic competition is when there are many firms selling differentiated products in an industry.

A monopolistic industry has characteristics of both a monopoly and a perfect competition. The demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants

A firm in an industry with many other firms spends a significant amount on advertising to ensure consumers recognize their logo. What type of market structure does this firm lik…

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