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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Which of the following goods best fits the definition of monopolistic competition?

  1. a. wheat
  2. b. tap water
  3. c. crude oil
  4. d. soft drinks

To determine
An example of monopolistic competition.

Explanation

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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