ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -These utilities can include companies that provide electricity, gas, and water to the public. A local public utility is an excellent example of a monopoly since it controls the entire market, and regulations provided by the government make it hard for new players to join the market.

Detailed explanation-3: -The case of tap water can be an example of a natural monopoly. It makes sense to have only one company providing a network of water pipes and sewers because the setting up of a national network of pipes and sewage systems entails very high capital costs.

Detailed explanation-4: -Oligopoly arises when a small number of large firms have all or most of the sales in an industry. Examples of oligopoly abound and include the auto industry, cable television, and commercial air travel.