Final answer:
Nike, Coca-Cola, and McDonald's are examples of the power of branding, emphasizing the significant role of advertising and marketing in creating a recognizable brand name and distinguishing products in a competitive market.
Step-by-step explanation:
Brands such as Nike, Coca-Cola, and McDonald's exemplify the power of branding. The process of creating a recognizable brand name is not solely about the production of goods, but also about the extensive efforts in advertising and marketing that are necessary to compete in the market and establish brand loyalty. This is a fundamental aspect of monopolistic competition and can also contribute to the creation of an oligopoly. Establishing strong branding is a formidable task that goes hand-in-hand with a company's marketing strategies to differentiate their products from those of competitors.
While 'Monopoly Power' refers to a single firm controlling nearly all the market supply, here the question is about the impact of successful branding and marketing that could lead to a significant market share but not necessarily a monopoly. 'Collusion' describes a situation where firms cooperate to control prices, which is distinct from the competitive branding efforts exemplified by the mentioned companies.