Identify a product that sells in the monopolistic competition market structure. What characteristics about the firm...

Identify a product that sells in the monopolistic competition market structure. What characteristics about the firm led you to the conclusion that the seller is in this market structure?

Expert Solution

Consider a restaurant burger which is in the monopolistic structure

Reasons

1) the entry and exit to the industry is not very difficult because used in just put up a shop and make a burger.

2) but the taste quality and the service levels of burger is different in different restaurants and that is the reason why there is high amount of product differentiation which accounts for the difference in prices

3) there are brand loyal to some restaurant burgers due to differentiation and all these reasons make up for the monopolistic competition

Rahul Sunny answered 2 years ago

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