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3 years ago

Who sets the price in a monopolistic competition?

Mathematics

2 answers:

Bess [88]3 years ago

5 0

Answer: Firm sets the price in a monopolistic competition.

Step-by-step explanation:

Monopolistic competition is the market structure in which there are large number of buyers and sellers and it produce differentiated products and there is free entry and exit of firms.

Since they sell differentiated products so, every firm has to set the price of their own products.

Hence, Firm sets the price in a monopolistic competition.

dlinn [17]3 years ago

4 0

The producer sets the price in a monopolistic competition.

Further Explanation:

Monopolistic Competition:

Monopolistic competition is a type of competition where a large number of seller offer similar but not perfect substitute products. Each producer offers a different product at different price based on the exclusive characteristic of the product. Major characteristics of monopolistic competition are as follows:

• Different product

• Large number of producers

• Freedom of entry and exit

• Market power (Producer)

Setting the price in monopolistic competition:

In monopolistic competition, the producer has the power to pricing power. In this type of competition, the producers offer different products as compared to other competitors and charge the customer according to their product differentiation. Therefore, they have the power to set and change the price on the basis of their offered product.

Thus, the producer sets the price in a monopolistic competition.

Learn more:

Learn more about the perfectly competitive market brainly.com/question/8753703
Learn more about the marginal benefit brainly.com/question/2508491
Learn more about the supply and demand brainly.com/question/9880846

Answer details:

Grade: Middle school

Subject: Economics

Chapter: Types of market

Keywords: Sets, price, monopolistic, competition, market, types of market, competition, producers, freedom of entry and exit, economics, demand, supply, customer.

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4 years ago

Find the value of 7w-2 given that - 2w-4=6 .

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Answer:

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Step-by-step explanation:

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3 years ago

The length of the base of a rectangular prism is 9

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Answer:

The volume of the prism is 320 15/16 inches³.

Step-by-step explanation:

Given:

The length of the base of a rectangular prism is 9 7/8.

The width of the prism is 8 1/8.

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Now, to find the volume of the prism.

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(Height) h = 4 inches.

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4 years ago

Yesterday, Chau had m baseball cards. Today, he gave 5 away. Using m , write an expression for the number of cards Chau has left

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If m = baseball cards he had yesterday, and today he got rid of 5, the expression is equal to

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3 years ago

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