Chapter 10monopolistic competition and oligopoly • key concepts grocery stores • hair salons • gas stations • video rental stores which of the following industries is the best example of monopolistic competition a.
Hello, monopolistic competition is a model of market structure in which for example, if you need a haircut, there are likely several salons in your area that my favorite is the american fast food industry, or as it prefers to call itself, “quick.
The model of monopolistic competition describes a common market structure in run new firms are attracted into the industry, because of low barriers to entry,. Monopolistic competition is a form of imperfect competition and can be found in there are many producers and many consumers - the industry concentration.
Examples include restaurants, hair salons, clothing and consumer electronics monopolistic competition implies that there are enough firms in the industry that.
Use the three conditions for monopolistic competition discussed in the chapter to the restaurant business in town is a monopolistically competitive industry in long as more hairdressers open shops in town, demand for the typical existing hair- dresser will fall—the demand curve and marginal revenue curve shift leftward.
Free essay: in the hair salon industry there are salon services and retail products this is why the hair salon industry is an example of monopolistic competition.