Monopolistic Competition can be
defined as a market that has a large number of sellers. Monopolistic Competition is also known
as a type of imperfect competition. It has many monopolistically competitive firms
unlike monopolist which has one firm only. Besides, there are product differentiation and
variation in monopolistically competitive firms. The products produced are similar to each other but
they are not homogenous or identical to each other unlike perfect competitive firms that
produce homogeneous or identical products. Apart from that, monopolistically competitive
firms have no barriers to entry. This allows them to enter and exit the industry easily.
Monopolistically Competitive firms have some control over price. Therefore, they are also known as price
maker. Monopolistically Competitive firms have a fairly elastic demand curve because of
their product differentiation and many close substitutes.
There
are many examples of Monopolistic
Competition. One of the examples is Kraft Foods Group. Kraft Foods Group
has large influence to the economy. Everyone loves the delicious products produced by Kraft
Food Group. This has created many job
opportunities to the public to maximize economic profits
for the company. This is because both the employees and consumers receive profits when the
company has employment. The quality of our lifestyles has also improved due to the positive
economic growth as a result of the employment opportunities and family’s income.
Moreover, Kraft Foods Group is very different from other food and beverage company. This can be
clearly seen when Kraft Foods Group contribute to the society and economy besides making a lot
of profits.
In conclusion, kraft foods group has contributed a lot to the
growth of our economy. It has produced
many delicious foods and snacks to the consumers.
References:
Prepared by: Ngen Chang Wang
Student ID: 0311885
My experience is that Kraft makes mediocre tasting snacks with poor quality genetically modified ingredients and confined animals in poor health.
ReplyDeleteBetter ingredients that take greater care to produce the old fashioned traditional way also taste much better and make one feel better physically.
What is seems to be enjoyable isnt always good for the economy, think of the health care costs because of irresponsible practices by krafts.
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