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Question
The term quality competition is coined by __________.
The term quality competition is coined by __________.
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Solution
The correct option is A Chamberlin
Monopolistic competition is a situation where there are large number of sellers who sell heteregeneous products. There is also no barriers to entry. Sellers have free authority to discriminate price. To sell their products they use marketing strategies as well as try to sell unique products. The firms under monopolistic competition competes through product variation and advertisements. Product variation means to vary in terms of quality, quantity, potency and purity of the product. Hence, the term quality competition is product variation. This term was coined by Chamberlin.
Monopolistic competition is a situation where there are large number of sellers who sell heteregeneous products. There is also no barriers to entry. Sellers have free authority to discriminate price. To sell their products they use marketing strategies as well as try to sell unique products. The firms under monopolistic competition competes through product variation and advertisements. Product variation means to vary in terms of quality, quantity, potency and purity of the product. Hence, the term quality competition is product variation. This term was coined by Chamberlin.
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