Monopoly Market Structure

Monopoly

Think of a product you use on a daily basis that is produced from a firm in a monopoly market structure.

Compare this product and a product from a monopolistic competition market structure.

For the monopolistic competition product, you can use the product you identified in the first exercise, but describe the product again so your evaluators know what it is.

How are these two products advertised?

How does advertising affect price and market share?

Why is advertising so critical in monopolistic competition versus a monopoly?