Question

What are the likely reason(s) that the market for dress shirts is not perfectly competitive? please select all that apply?

Answer 1

Answer:

Dress shirts are not a standardized (homogeneous) product.

Explanation:

Standardized products are more homogeneous in their characteristics and therefore more easily found, and the price also tends to be more influenced by competition, tending to be lower than the differentiated ones in the same range. Moreover, these products end up attracting a large number of producers and establishes imperfect competition between them.

The market characteristic of imperfect competition is one that is characterized by the great possibility for sellers to influence demand and prices by means of product differentiation, advertising, lower added value, brand, etc.

An example of a standardized product that establishes an imperfectly competitive market is the dress shirt.

Answer 2

Brand competition. price. location.