Describe Three Features of Monopolistic Competition That Differentiate It from Monopoly

question 19

Essay

Describe three features of monopolistic competition that differentiate it from monopoly.

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Definitions:

Facilitating Function

Activities that help in the smooth transaction of goods and services from producers to consumers, such as transportation and storage.

Product Assortments

The range or variety of product lines and individual products that a company offers for sale to its target market.

Channel Intermediaries

Businesses or individuals that act as intermediaries within the distribution channel, facilitating the movement of goods from manufacturers to consumers.

Logistical Function

Refers to the planning, implementation, and controlling of efficient and effective flow and storage of goods, services, and related information.