ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Perfect Competition
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Monopolistic Competition
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Monopoly
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Oligopoly
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Detailed explanation-1: -The detergent market is an example of an industry in monopolistic competition.
Detailed explanation-2: -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-3: -The laundry detergent market is one that is characterized neither as perfect competition nor monopoly. Imperfectly competitive-firms and organizations that fall between the extremes of monopoly and perfect competition. Monopolistic competition-many firms competing to sell similar but differentiated products.
Detailed explanation-4: -Clothing: The clothing industry is monopolistically competitive because firms have differentiated products and market power. Monopolistic competition is different from a monopoly.