ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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grocery stores
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clothing stores
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restaurants
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cell phone providers
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Detailed explanation-1: -Answer and Explanation: The correct answer is d. lettuce farmers. They sell identical products while in a monopolistic competition market, there is product differentiation.
Detailed explanation-2: -Apple’s continuous acquisitions of companies are great examples of the monopolistic control it exerts over tech. The company has made consistent purchases of other brands to control potential competition and innovations within the industry.
Detailed explanation-3: -What Industry Is an Example of Monopolistic Competition? Monopolistic competition is present in restaurants like Burger King and McDonald’s. Both are fast food chains that target a similar market and offer similar products and services.
Detailed explanation-4: -Monopolistic competition would represent the market structure within which Coca-Cola and Pepsi Cola firms operate. The given statement is FALSE. Pepsi and coca-cola work in the oligopoly market structure as they are dominant firms in the market where there are other small local firms also.