Asked by Mojeed George on Apr 25, 2024
Verified
In Chicago there are many restaurants. Each restaurant is slightly different from every other restaurant. Restaurants are an example of which market structure?
A) perfect competition
B) monopolistic competition
C) oligopoly
D) monopoly
Market Structure
The features of a market, including its structure, that affect how competition and pricing are determined.
Monopolistic Competition
A common form of industry (market) structure characterized by a large number of firms, no barriers to entry, and product differentiation.
- Identify real-world examples of monopolistically competitive markets.
Verified Answer
EA
Edwin arjona8 days ago
Final Answer :
B
Explanation :
Monopolistic competition is characterized by many firms offering products or services that are similar, but not identical, allowing for differentiation among them. This matches the description of the restaurants in Chicago, where each one is slightly different from the others.
Learning Objectives
- Identify real-world examples of monopolistically competitive markets.
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