Answered: Which of the following…

Which of the following markets/commodities is most likely to fall under monopolistic competition? A. Laundry detergent B. Breakfast Cereal C. Grocery Stores D. All of the above

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter14: Monopolistic Competition And Product Differentiation

Section: Chapter Questions

Problem 1P

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Question

Which of the following markets/commodities is most likely to fall under monopolistic competition?

A.

Laundry detergent

B.

Breakfast Cereal

C.

Grocery Stores

D.

All of the above

Definition Definition Form of market structure in which there are a large number of sellers of a particular product, with each seller selling somewhat differentiated but close substitutes to the product sold by other sellers. Features of monopolistic competition include: Large number of buyers and sellers Differentiated products Free entry and exit of the firms in the market

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