ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Subway, Mc Donald, Pizza huts are quick-service restaurants that come under Monopolistic Competition markets. Because of Monopolistic competitive industries or restaurants are contained more than a few firms. Each restaurant offers similar products but not identical.

Detailed explanation-2: -Subway competes in its industry in terms of similar price points for its products along with having similar products. In monopolistic competition, an industry contains many competing firms, each of which has a similar but at least slightly different product.

Detailed explanation-3: -Understanding Monopolistic Competition 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-4: -Our Bottom Line: Fast Food Competition. Subway’s market is called monopolistic competition.

Detailed explanation-5: -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.