Asked by Mathew Temisan on May 01, 2024
Verified
The restaurant industry is an example of a(n) ________ industry.
A) perfectly competitive
B) monopolistic
C) monopolistically competitive
D) oligopolistic
Market Structure
The organizational and characteristic features of a market, including the level of competition and number of participants.
- Locate real-world illustrations of markets characterized by monopolistic competition.
Verified Answer
ZK
Zybrea KnightMay 06, 2024
Final Answer :
C
Explanation :
The restaurant industry is an example of a monopolistically competitive industry because it consists of many sellers offering differentiated products (e.g., different types of food, dining experiences, and price points), allowing for some degree of market power and competition on factors other than price.
Learning Objectives
- Locate real-world illustrations of markets characterized by monopolistic competition.