Question

For the Monopolistic Competition market structure pick one example of a product (good or service) that is sold in a market that has this market structure. You should provide a brief defense of your choice

Answer 1

Example -Pantene shampoo

It a monopolistic product because:

A.Product differntiation.(Pantene is different from Loreal shampoo)

B.Huge selling or advertising cost.

C.Close substitues like shampoos of other brands.

D.Free entry and exit in the market.