if a product moves from being monopolistic to a monopoly will the demand for the industry decrease? For example if a specific shampoo was only needed once a month because of new ingredients, will the demand for that industry go down?

if a product moves from being monopolistic to a monopoly will the demand for the industry decrease? For example if a specific shampoo was only needed once a month because of new ingredients, will the demand for that industry go down?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter11: Monopolistic Competition, Oligopoly, And Game Theory

Section11.1: The Theory Of Monopolistic Competition

Problem 1ST

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Definition Definition Market structure in which a single company dominates the entire industry. In a monopoly market, there are no close substitutes for the goods and services offered by the monopoly.

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