### Monopolistic Competition Quiz**Question:**The following could be considered monopolistically competitive:- The athletic shoe industry in the United States- The Soap industry in the United States- None of the available answers- The coal industry in the United States- Corn markets**Explanation:**Monopolistic competition is a type of imperfect competition where many producers sell products that are differentiated from one another and hence are not perfect substitutes. This market structure is characterized by a significant number of firms, product differentiation, and easy entry and exit from the market. Common examples include industries like athletic shoes and soap where brands and variations make the products unique, and thus, less perfectly substitutable.

Monopolistically competitive industry is where firms have little control over the prices and they…

The following could be considered monopolistically competitive: The athletic shoe industry in the United States The Soap industry in the United States None of the available answers The coal industry in the United States Corn markets

The following could be considered monopolistically competitive: The athletic shoe industry in the United States The Soap industry in the United States None of the available answers The coal industry in the United States Corn markets

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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