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Summary AQA A-Level Economics: 4.1.5.4 Monopolistic competition
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A quick summary of4.1.5.4 Monopolistic competition of the AQA A Level Economics specification using the CGP guide, various websites, and class notes. From the AQA A Level Economics specification: • The formal diagrammatic analysis of the monopolistically competitive model in the short and lon...

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  • No
  • Chapters covering market structures
  • July 29, 2022
  • 2
  • 2021/2022
  • Summary

Subjects

  • aqa
  • a level
  • economics
  • microeconomics
  • micro
  • market structures
  • monopolistic competition
  • competitive markets
  • summary revision guide

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  • A/AS Level
  • AQA
  • Economics
  • 4.1.5 Market Structures
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4.1.5.4 Monopolistic competition

Monopolistic competition characterizes an industry in which many firms offer products or services
that are similar, but not perfect substitutes. The key features of monopolistic competition are:

 Large number of small buyers and sellers with weak market power.

 Low (or no) barriers to entry or exit - firms can easily enter and exit the market.

 Differentiated goods - all goods must be similar but slightly different making the cross price
elasticity of demand of the goods and services sold high (substitutes).

 A monopolistically competitive market has imperfect competition. Firms are short run profit
maximisers.

 Imperfect information

 Firms in a monopolistically competitive market compete using non-price competition.




Non-price competition involves ways that firms seek to increase sales and attract customers
through methods other than price. Non-price competition can include quality of the
products, unique selling points, superior locations, advertising, loyalty, branding, and after-
sales services.

Examples of monopolistic competition include hairdressers, takeaway, restaurants, and regional
plumbers.

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