Asked by Sofia Avelar on May 02, 2024
Verified
In San Francisco there are many retail clothing stores. Each store is slightly different from every other store. Retail clothing stores are an example of what market structure?
A) perfect competition
B) monopolistic competition
C) oligopoly
D) monopoly
Market Structure
Market Structure refers to the organizational and other characteristics of a market, largely influencing the nature of competition and pricing within the market.
Monopolistic Competition
A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power.
- Pinpoint examples of monopolistically competitive markets in practical situations.
Verified Answer
KB
Kassi BrightMay 07, 2024
Final Answer :
B
Explanation :
Retail clothing stores in San Francisco are an example of monopolistic competition because each store is slightly different from every other store, indicating product differentiation, a key characteristic of monopolistic competition.
Learning Objectives
- Pinpoint examples of monopolistically competitive markets in practical situations.