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6 February, 23:38

Which industry is an example of monopolistic competition

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  1. 7 February, 00:37
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    Independently owned and operated high-street stores and restaurants is an example of monopolistic competition.

    Explanation:

    The model of monopolistic competition describes a common market structure in which firms have many competitors, but each one sells a slightly different product.

    Clothing industry - Marketing and branding is the main separator between different evidently similar black shirts. The fast-food industry - where a burger made by McDonald's is quite similar to a burger made by Burger King, though consumers usually have a preference between the two chains. Independently owned and operated high-street stores and restaurants - In the case of restaurants, each one offers something different and possesses an element of uniqueness, but all are essentially competing for the same customers.
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