Course Paper:Microeconomics application: regional considerations:Select an industry of interest. How...

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Course Paper:Microeconomics application: regional considerations:

Select an industry of interest. How would one apply the principles of microeconomics to build a powerful business in your region, considering many aspects such as resource employment and market structures.

Robert · Accepted Answer

Soap Industry 
We consider the “Soap industry”. The soap industry is a monopolistically competitive 
industry. A monopolistically competitive industry is industry having large number of buyers, 
large number of sellers, differentiated product, free entry and exit, and large 
selling/advertisement cost. The Soap industry has large number of buyers, large numbers of 
sellers, products are differentiated, there is unrestricted entry and exit, and there is large 
selling/advertisement cost. Hence the soap industry is a monopolistically competitive industry.  
In order to build a powerful business, we need to differentiate our product with products 
of the others suppliers.

Course Paper:Microeconomics application: regional considerations: Select an industry of interest. How would one apply the principles of microeconomics to build a powerful business in your region,...

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