Microeconomics Learning Journal 7.docx - 7 LEARNING JOURNAL Q Aside from advertising how can monopolistically competitive firms increase demand for

Microeconomics Learning Journal 7.docx - 7 LEARNING JOURNAL...

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7. LEARNING JOURNAL: Q: Aside from advertising, how can monopolistically competitive firms increase demand for their products? A: Advertisement is a part of a scheme on how a monopolistic competitive firm can increase its demand for their products. Apart from them, there are a lot of ways of to increase the demand for the products. One such way is product differentiation. Firms have to differentiate their products from other products. In this process of differentiation firms should highlight the useful features of their products over which the other products are lacking. This creates an advantageous thought about their products in the view of consumers. The other way is to change some features of the products such that it should look like a new product in the market. These changes include size, colour, shape and other aspects of the products. The change must be a positive one which must result in increase in demand. And another way is opening sales in the new places where the product hasn't been sold yet. This will absolutely increase the demand their products. Opening up new stores in new places or
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