100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary AQA A-Level Economics: 4.1.5.4 Monopolistic competition £6.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. AQA
  4.  
  5. Economics
  6.  
  7. 4.1.5 Market Structures

Summary

Summary AQA A-Level Economics: 4.1.5.4 Monopolistic competition
 34 views  0 purchase
  • Institution
  • AQA

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...

[Show more]

Preview 1 out of 2  pages

Document information

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

Subjects

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (9)

Written for

All documents for this subject (4)

Seller

avatar-seller
ruhina1

Reviews received

Content preview

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.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ruhina1. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £6.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£6.99
  • (0)
  Add to cart