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Look at the question prompts below and write a short essay (300 words minimum). Please include a works cited page with your essay.
Option 1: Monopolistic Competition
Monopolistic competitive firms differentiate their products by advertising. Find an example of a monopolistic competitive firm that advertises its product. Write an essay that includes the following:
What firm are you using as your example? How did you determine that this firm was an example of monopolistic competition rather than oligopoly?
In your opinion, does this firm charge an inefficient price (in other words, does this firm charge an excessively high price)? How do you think this firm’s advertising affects its ability to charge a higher price? Explain.
Efficient markets require consumers to have enough information to make rational decisions. Does this firm’s advertising provide necessary information to consumers?
Based on your previous answers, are this firm’s advertising decisions good or bad for consumers overall? Explain.