Leave a small comment to students initial post. Agree or disagree, see their viewpoint, bring out new points or additional information to expand on their post. 3 total posts, 70-100 words eachStudent SS:What barriers to entry exist for the Monopolistic competition business model?A monopolistic competition business model is a market structure that combines elements of monopoly and competitive market strategies. The barriers to entry exist for the monopolistic competition business models has an easy entry and exit. The monopolistic competition is very different for a perfect competition. A monopolistic competitive industry has the many features. They have many firms, freedom of entry and exit, firms produce separated products, and firms have a inelastic demand. Describe the difference between Monopolistic Competition and Monopoly market structures.The monopolistic and monopoly competition are different on how they produce to the market. The monopolistic and monopoly are economic market structures in an imperfect competition. A monopoly is one firm that produces goods with no substitute. A monopolistic market has a small number of relatively large firms that produce similar but slightly different products.Define whether the monopolistically competitive market structure is a price taker or a price maker.Monopolistic competition in a market combines elements of monopoly and competitive markets. They can set prices and have an inelastic demand curve. In most cases in a monopolistically competitive market structure is a price maker. They can take the markets demand curve as their own. A monopoly firm can set the price anywhere on the demand curve.Student SF:In a Monopolistic competition business model, there are no barriers to enter. This type of market ensures that there are no supernormal profits and products in the long run of the firm. The differentiation creates choices, diversity, and utility. A monopoly is total control over a market. One of the most famous monopolys is the DeBeers Company. The DeBeers company owns the entire market of diamonds. The supply and pricing of diamonds is 100% dependent on the decisions of the DeBeers Company. A monopolistic competition is several sellers, but similar products. GM, Chrysler, and Ford all sell the same size vehicles, just minor differences. Another difference is that there are no close substitutes in a monopoly. A diamond is a diamond, there are no substitutes only alternatives, like white sapphires and moissanite stones, the price is greatly different as well as the quality. The competition in a monopolistic competition market, there are many substitutes of normal goods. Rather than getting a Lincoln Navigator, you can get a Chevy Traverse. Price is greatly different, but you still purchased a new car. A monopolistic competitive market structure is a price maker. The consumer sets the price based on demand of the product. A monopoly is a price taker because there is only one company setting the price.Student DE:Monopolistic Competition has a high amount of competition due to all the products serving the same purpose, looking similar, and being around the same price. There are many firms selling the same product at around the same price. Quality of the products are hard to determine. A drop in price for one producer doesnt necessarily mean the others will have to decrease their prices as well due to there being so many varieties of the same product. In a monopoly, the price can be set at whatever the producer deems fit because it is the only product that effectively serves its specific purpose. There isnt another brand or substitute that can do the exact same thing. An example of a monopoly would be the drug Martin Shkreli created that was life saving to those who are HIV positive. He increased the price of the drug over 5000% its original price because there wasnt any competition in the market, there was no other company to keep the costs low and regulated.
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