Idntify any 2 product in a situaution of monoplistic market and highlight the feature of product differntiation between the 2 products. Class 11
Answers
The duties include planning, recruitment and selection process, posting job ads, evaluating the performance of employees, organizing resumes and job applications, scheduling interviews and assisting in the process and ensuring background checks. Another job is payroll and benefits administration which deals with ensuring vacation and sick time are accounted for, reviewing payroll, and participating in benefits tasks, like claim resolutions, reconciling benefit statements, and approving invoices for payment. HR also coordinates employee relations activities and programs including but not limited to employee counseling.
Explanation:
There are large number of firms but not as large as under perfect competition.
That means each firm can control its price-output policy to some extent. It is assumed that any price-output policy of a firm will not get reaction from other firms that means each firm follows the independent price policy.If a firm reduces its price, the gains in sales will be slightly spread over many of its rivals so that the extent to which each of the rival firms suffers will be very small. Thus these rival firms will have no reason to react.
Like perfect competition, under monopolistic competition also, the firms can enter or exit freely. The firms will enter when the existing firms are making super-normal profits. With the entry of new firms, the supply would increase which would reduce the price and hence the existing firms will be left only with normal profits. Similarly, if the existing firms are sustaining losses, some of the marginal firms will exit. It will reduce the supply due to which price would rise and the existing firms will be left only with normal profit.