BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Monopolistically competitive firms sell goods that are similar enough to be substituted for one another, but are not identical. An example of a monopolistically competitive market is the market for jeans.

Detailed explanation-2: -The market for jeans is an example of monopolistic competition.

Detailed explanation-3: -Blue jeans are produced under monopolistic competition, so their prices are higher than if they were produced under perfect competition.

Detailed explanation-4: -A monopoly is the type of imperfect competition where a seller or producer captures the majority of the market share due to the lack of substitutes or competitors. A monopolistic competition is a type of imperfect competition where many sellers try to capture the market share by differentiating their products.

Detailed explanation-5: -Restaurants, hair salons, household items, and clothing are examples of industries with monopolistic competition. Items like dish soap or hamburgers are sold, marketed, and priced by many competing companies.