The table shows the total revenue of the 50 firms in the candy and confectionery industry. Total revenue (dollars) Firm What additional information would you need about the candy and confectionery industry to be sure that it is an example of monopolistic competition? Sugar Mountain Sugar + Spice Simply Candy Fudge Factory Next 10 firms (each) Next 16 firms (each) Next 20 firms (each) Industry 1,450 1,300 To be sure that the candy and confectionery industry is an example of monopolistic competition, we would need additional information about 800 650 200 O A. the market demand curve 150 O B. the price elasticity of supply OC. the type of technology used in production O D. product differentiation, barriers to entry, advertising, and competition on price, quality, and features 125 11,100 O E. the average total cost of each firm

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Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.