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- What are the major characteristics of a firm competing under conditions of monopolistic competition?Compare the market structure of monopoly to perfect competition.how do they differWhat business strategy you will recommend for a business in which pressure for product differentiation is high? Discuss.
- Sister's Kennedy and Kiera own and run the only nail salon in Smithville, Alaska. They have different strategies for how to run the business. Kennedy wants to focus on meeting market demand and bringing in as much revenue as possible. She wants to charge $18 per manicure and sell 140 manicures per month. Kiera wants to make the largest possible profit, charging $25 per manicure and selling only 100 per month. Using a single market structure graph for the nail salon, show the difference between the price and quantity combinations favored by Kennedy and Kiera. Explain whose strategy you recommend they follow and why? Draw graph on a piece of paper Clearly label all axes and lines. Include all relevant details. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.What is the best market structure between perfect competition vs monopolistic competition? Why? Explain.Which of the following items are sold by firms in monopolistic competition? Explain your selections. Cable TV service Athletic shoes Soda Toothbrushes