Principles of Microeconomics
Principles of Microeconomics
Which of the following goods best fits the definition of monopolistic competition?
- a. wheat
- b. tap water
- c. crude oil
- d. soft drinks
Option (d):
The market of haircuts is a perfect example of monopolistic competition as it features many sellers (hair stylists) who sell differentiated products (different hair styles and cuts which are similar but are not identical). Thus, option ‘d’ is correct.
Option (a):
Wheat can be characterized as an example of a perfect competitive market, as there ...
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