Please do not plagiarise! Identify a business in a monopolistically competitive industry with which you regularly...
Please do not plagiarise!
Identify a business in a monopolistically competitive industry with which you regularly transact. What makes this industry "monopolistically competitive"?
Homework Answers
A regular burger joint near my home is a monopolistic competitive industry.
It is so because:
- there are a number of firms in the market who are selling such burgers in the market there goods are only slightly differentiated,
- there is free entry and exit in the market i.e. any one can start selling the burgers and stop when ever they want. As the profit increases there will be more people selling the burgers in the market.
- All the firms in the market have some control over the product so they can set the price on their own.
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