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Questions
Give two examples of monopolistically competitive market.
Give an example of monopolistic competition.
Give two examples of monopolistically competitive market structure.
Give two examples of monopolistic markets in India.
Solution
Two examples of monopolistically competitive market are as follows:
- One well-known example of monopolistic competition is the restaurant business. To set themselves apart from other restaurants, each restaurant provides a unique eating experience, food, atmosphere, and level of service.
- Another example is the clothing sector. Clothes from different brands fulfill the same fundamental purpose but differentiate by price, design, brand reputation, and quality. Because of the uniqueness of its products, every brand has some degree of control over its price.
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