ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Monopolistic Competition
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Oligopoly
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Perfect Competition
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Monopoly
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Detailed explanation-1: -Fast food restaurants, hotels, gas stations, clothing stores, medical practices, legal firms, and hair salons are several industries that are monopolistically competitive, assuming they locate in areas with other companies that serve the same clientele.
Detailed explanation-2: -Answer: Monopolistic Competition Many firms have similar marketing strategies and recipes but McDonald’s is still unique.
Detailed explanation-3: -The correct answer is c. monopolistic competition; similar but not identical. The fast-food industry has all the characteristics of monopolistic competition. First of all the products are slightly different.
Detailed explanation-4: -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.