1.Identify which market has feature of perfect substitutes? Give reason
2.Two features of monopoly in monopolistically competitive mkt
3. What is persuasive advertising?

Dear student,

1) Perfect competitive market has feature of perfect substitute, as here seller sells products that are perfect substitutes of each other.

2) Features of monopoly in monopolistically market are:
i) The firm in this market follow their own price and output policies.
ii) There is lack of perfect knowledge about the market conditions among buyers and sellers.

3) Persuasive advertising is a kind of advertising that induce/persuade buyer to buy the product by making attractive advertising, schemes etc.


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Monopolistic competition
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1.Monopolistic Competition.
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