Monopolistically competitive firms advertise to differentiate their product from those of competitors.

Name: Monopolistically competitive firms advertise to differentiate their product from those of competitors.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Monopolistically competitive firms differentiate their product through advertising, packaging, design or routine change in the product. This helps firms to create brand loyalty among consumers and charge a higher price for their product.

Monopolistically Competitive Firms Advertise to Differentiate Their Product from Those