Which of the following is an example of a monopolistically competitive industry?
A)electric lamp bulbs
B)aircraft manufacturing
C)corn
D)sweaters

Question

Quizplus · Accepted Answer

Monopolistically competitive industries are characterized by a large number of firms producing differentiated products, with each firm having some degree of market power through product differentiation. Sweaters fit this description with many manufacturers producing a variety of styles and materials, and consumers being willing to pay different prices based on their preferences. Electric lamp bulbs and aircraft manufacturing industries are closer to oligopolies with fewer dominant firms. Corn is a commodity with little product differentiation, making it a perfect example of a perfectly competitive industry.

Which of the Following Is an Example of a Monopolistically