For Monopolistically competitive firms, branding is important because many consumers do not like taking risks.
A brand and its related popularity are built on marketing and customers' beyond experiences with the products related to that brand.
Popularity amongst purchasers is important to a monopolistically aggressive company due to the fact it is arguably the first-class manner to differentiate itself from its competitors.
3 situations symbolize a monopolistically competitive marketplace. First, the market has many firms, none of which is large. second, there is the loose entry and exit into the market; there are no limitations to entry or exit. 1/3, every company in the market produces a differentiated product.
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