Freedom of entry and exit of firms:
The other significant feature is the freedom of any firm to enter into the field and generate the commodity under its own brand name and any firm can go out of the field when so selected. There are no barriers as in the situation of monopoly.
Monopolistic competition pre-assumes that customers have specific preferences for specific varieties or brand of products. Therefore pricing is not the problem however product differentiation is the trouble and competition is not on prices although on products.
Therefore in monopolistic competition, the features of monopoly and perfect competition are partially represented.
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Cost reduction as stated above includes real and stable reduction in costs. It is a permanent process. Though, it needs co-operation of people at all levels.
What is Issue Control? explain Pricing of Issues, A Material Requisition Note is prepared through the department that is in requirement of the material and sent to the stores department.
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The procedure of adjusting tuned circuits and settings the variable capacitors to enhance the selectivity and sensitivity of the receiver is known as alignment.
Significant Terms used in Activity Based Costing - Cost Objects, Activities, Support activities, Cost Pool, Cost Drivers, Transaction Drivers, Duration Drivers, Intensity Drivers.
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