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31 July, 11:29

When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment is probably

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  1. 31 July, 14:15
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    Monopolistic competition can promote different features of their products and consumers are willing to pay more for products containing the features that they desire.

    Explanation:

    Here many firms create similar products but they are not a substitute of any other. This combines monopoly and competitive market It is a form of "imperfect competition" This has emerged because the product developed by different people target the same set of audience by providing few differentiation.

    Examples of monopolistic competition:

    The restaurant business Consumer services General specialist retailing Hotels / Pubs./

    Advantages:

    Greater ability to fund Research & Development

    Disadvantage:

    Higher price Fewer incentives
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