Question

Which shift in the demand curve most likely to describe a company in a monopolistically competitive market that begins to spend more on advertising?

Answer 1

Which shift in the demand curve most likely to describe a company in a monopolistically competitive market that begins to spend more on advertising? An upward shift on the demand curve. A monopolistic competitive market is imperfect competition because many products sell similar products but they are different due to branding and quality used so they are not perfect substitutes for one another. 

Answer 2

The shift in the demand curve that would most likely describe the monopolisticall ycompetitive market would be: the demand curve that shifts to the right and is much steeper than the original demand curve.

What is a monopolistically competitive market?

This is a term that is used to refver to firms that are known to offer similar products in the market which are not substitutes.

Entry and exit in the market is low and the decision of a firm would hardly affects its cometitors.

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