ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The fourth market structure, monopolistic competition, is the one we encounter most often in our daily lives.

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: -Monopolistic competition is the most common market structure, characterized by brand name and slightly differentiated products with many substitutes.

Detailed explanation-4: -The restaurant industry (monopolistically competitive nationwide) provides an example of a monopolistically competitive market. In most areas, there are many firms, each is different, and entry is easy. Each product has many close substitutes sold by different firms, including other restaurants, fast-food outlets.