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3 cards from this section. Quick, good the night before a test.
What is monopolistic competition?
Think about how many companies are involved.
What is an example of a product in monopolistic competition?
Think about brands you see in the store.
Monopolistic competition includes:
Think about the number of companies present.
True or False: In monopolistic competition, products are identical.
Recall the characteristics of the products.
Discuss how a fast food chain like McDonald's uses monopolistic competition to its advantage in marketing and product development.
Think about advertising, family meals, and seasonal promotions.
Evaluate the impact of monopolistic competition on consumer choices compared to perfect competition.
Consider how much choice you have and how it affects what you pay.
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