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Why are the firms advertising

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Manufacturers of laundry detergent and dishwashing soap reinvest a relatively large percentage of their sales revenues on advertising campaigns. Most of these advertisements that appear on television stress the fact that their product is "New and Improved." What sort of a market (perfectly competitive, monopoly, monopolistically competitive) is laundry detergent and why are the firms advertising? Please give an explanation.

Reference no: EM132954569

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