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Advertising is done by monopolistic firm which sells a differentiated product to ensure that customers know that its product differs from its competitors. Explain how would advertising benefits the firm in its cost and production.

Advertising is done by monopolistic firm which sells a differentiated product to ensure that customers know that its product differs from its competitors. Explain how would advertising benefits the firm in its cost and production.

Principles Of Marketing
Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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(i) Advertising is done by monopolistic firm which sells a differentiated product to ensure that customers know that its product differs from its competitors. Explain how would advertising benefits the firm in its cost and production. (ii) Discuss the THREE (3) sources of barriers to entry that lead to the existence of monopoly.
Transcribed Image Text:(i) Advertising is done by monopolistic firm which sells a differentiated product to ensure that customers know that its product differs from its competitors. Explain how would advertising benefits the firm in its cost and production. (ii) Discuss the THREE (3) sources of barriers to entry that lead to the existence of monopoly.
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