8 Things I've Learned
1. The main goal of product differentiation and non price competition is to increase profit margins.
2. Many producers spend massive amouts of money of advertising to persuade buyers to purchase a particular product or brand.
3. If sellers compete on factors other than price, they are engaging in non price competition.
4. Sellers in monopolistic competition try to differentiate, or point out differences, between their products and those of their competitors.
5. If there are any barriers to enter in a market, sellers cannot compete easily and fully.
6. In perfect competition, the many buyers and sellers must act independently.
7. Collusion is illegal and carries heavy fines and prison sentences for those involved.
8. Another word for the huge monopolies that dominated the era of "big business" is a trust.