]Identify and explain There are many firms producing soaps in India → Identification of Concept :​

Answers 2

Answer:

firms producing soaps in India. Companies covered:

Colgate Palmolive (India) Ltd.

Godrej Consumer Products Ltd.

Hindustan Unilever Ltd. . ITC Ltd.

Jyothy Laboratories Ltd.

Wipro Ltd.

Cholayil Pvt. Ltd. Karnataka Soaps and Detergents Ltd.

  • This is an example of a market structure where there are a large number of firms producing similar goods but are slightly differentiated from one another.
  • Such type of competition is called a monopolistic competition for a competitive market.
  • There are a lot of products in the market within which the consumer can choose the right product for himself according to his own needs and preference.
  • For example Dove or Lux all the soup companies whose target consumers are women or young girls.
  • Similarly Cynthol produced soaps for men and young boys.

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