Asked by Raney Sumpter on May 12, 2024
Verified
The hand soap industry is an example of a(n) ________ industry.
A) perfectly competitive
B) monopolistic
C) monopolistically competitive
D) oligopolistic
Market Structure
The organizational and other characteristics of a market that influence the nature of competition and pricing.
- Distinguish real-life cases of markets operating under monopolistic competition.
Verified Answer
YB
Yarvnis BlogsMay 15, 2024
Final Answer :
C
Explanation :
The hand soap industry is an example of a monopolistically competitive industry because it consists of many producers and sellers offering products that are similar but differentiated by branding, quality, or other attributes, allowing for some degree of market power and price control.
Learning Objectives
- Distinguish real-life cases of markets operating under monopolistic competition.