Different Products, Many Sellers: Monopolistic Competition
Students will explore markets where many businesses sell similar but slightly different products, using branding and advertising to attract customers.
About This Topic
Students will explore markets where many businesses sell similar but slightly different products, using branding and advertising to attract customers.
Key Questions
- Why do many brands sell similar products, like different types of shampoo?
- How do companies try to make their product stand out from others?
- How does advertising influence our choices in these markets?
Active Learning Ideas
See all activities→Activities & Teaching Strategies
See all activities
More in Firms and Market Structure
How Businesses Make Things: Inputs and Outputs
Students will explore the basic process of how businesses turn resources (inputs) into goods and services (outputs), and understand that making things costs money.
8 methodologies
Business Goals: Making Money and Selling Products
Students will understand that a main goal for most businesses is to make a profit by selling their products, and how they think about how much to sell and at what price.
8 methodologies
Many Sellers: Competition in the Market
Students will explore markets where there are many businesses selling similar products, leading to competition and often lower prices for consumers.
8 methodologies
One Seller: Understanding Monopolies
Students will learn about situations where one company is the only seller of a product or service, and discuss the advantages and disadvantages of such a market.
8 methodologies
Few Sellers: The Power of Oligopolies
Students will learn about markets dominated by a few large companies, and how their decisions often depend on what their competitors do.
8 methodologies
Starting a Business: Barriers to Entry
Students will explore why it can be difficult for new businesses to enter certain markets, and what factors create these 'barriers to entry'.
8 methodologies