Monopolistic Competition - Shift and Movement in the Demand Curve - Economics Assessment Answer

Economics Assessment Task

1. “In the monopolistic competition, a few firms sell differentiated products” Explain this statement by highlighting important features of this kind of a market. Substantiate your answer by a live example. Also explain how the equilibrium in this kind of a market is different from a long run equilibrium under perfect competition.

2. Complete the hypothetical table below and explain in brief, the behaviour of each type of cost.

3. a) What are the practical uses of the concept of price elasticity of demand for different stakeholders in the production process?

 b) Distinguish between the shift and movement in the demand curve. Explain any five factors which would bring about a shift in the demand curve for Maggie noodles.

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