Microeconomics Discussion Forum 7.docx - 7 DISCUSSION FORUM\"Monopolistic competition refers to a market where many firms sell differentiated products

Microeconomics Discussion Forum 7.docx - 7 DISCUSSION...

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7. DISCUSSION FORUM: "Monopolistic competition refers to a market where many firms sell differentiated products. Differentiated products can arise from characteristics of the good or service, location from which the product is sold, intangible aspects of the product, and perceptions of the product." These words are true with their impact on the monopolistic products. The small business that I wish to open is a Robot shop. The robots that I produce is used for the agricultural farms. These robots small in size roughly about 1 feet high and 2 kilograms weight. These have the inbuilt features like checking the water level in the fields and chemicals in those waters required for the growth of the plants. And also these robots are waterproof and runs on electricity and battery. As no such robot has been built yet, my product of this robot is a monopolistic product in the market. With an exceptional features and good service my robots will enjoy the benefit as long
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