the market and firms offering similar services to customers. With such dense competition in the CP market, I must admit that competition is truly cut throat. Conclusions drawn from the interview as follows: The footwear market demonstrates monopolistic features as there is free entry and exit along with very low barriers. The firms operating in monopolistic market will set their prices, PE, for quantity, QE, by charging as much as the Demand at QE will permit. Monopolistic Competition Market- Market where many firms produce differentiated products and there are no barriers to entry and exit. My conclusion affirmed that the footwear industry was functioning in a monopolistic market primarily due to the plentiful sellers and product variation in the free market though with the presence of partial inbred market domination of some elitist firms. (Apple) delved into relatively new territory in 2013 by releasing two new versions of their smartphone, the iPhone. tags: smartphone, price discrimination, technology. These results suggest that the consumers have good knowledge about the market and have the potential to make rational and informed decisions. Moreover, a questionnaire was given to 50 footwear purchasers in Connaught Place. And this, indeed, is a component of the Monopolistic market structure.
Excellent Very Good Good Average Poor an informed consumer, how do you believe the footwear market can improve? What are the primary products manufactured? It, however, is very common to see rival firms in this industry be susceptible to price alterations. Hence, the elastic demand curve for Connaught Places footwear corresponds to the Monopolistic market. Economics EE Candidate SessionNumber: Candidate Name:PalakBhargava 16 all the firms had created a separate identity for their products. If the prices of the goods of a particular firm rise, they can easily switch to another firm. The ideas invested in product enhancement have to be creative and distinctive so the purpose of maximum revenue is fulfilled.
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