Which of the following is the best example of a monopolistically competitive industry?
A) Land-based long distance telephone service
B) Wheat farming
C) Cable television
D) The manufacturing of shirts
E) Your electricity producer

Question

Quizplus · Accepted Answer

The manufacturing of shirts is the best example of a monopolistically competitive industry because it involves many firms that sell products that are similar but differentiated from one another, allowing for some degree of market power in terms of product differentiation, but still within a competitive market structure.

Which of the Following Is the Best Example of a Monopolistically