What are one example of a monopolistically competitive firm, oligopoly, and monopoly in your local area?...

What are one example of a monopolistically competitive firm, oligopoly, and monopoly in your local area? In your example, please relate to the market characteristics of each of the market structures? Work cite is a most!!!!!

Expert Solution

Answer : In monopolistically competitive market many firms exist and all firms sell differentiated products. Cloth market is an example of monopolistically competitive market. Because in cloth market all sellers sell clothes but clothes are different from each other either by design or quality. So, the example of monopolistically competitive firm is cloth firm.

In oligopoly market two or more than two sellers exist. They sell the similar products. Soft drink market is an example of oligopoly market. Because in soft drink market Pepsico and CocaCola are two companies who captured the large part of the market and other companies are the followers of those two companies. CocaCola and Pepsico sell the similar soft drink in the market. Therefore, the example of an oligopoly firm is CocaCola.

In monopoly market only one seller exist. And hence the monopolist has the market power. Local natural gas company is an example of monopoly firm. Because the local natural gas company is the only company who supplies gas to whole local area. And for this reason the local gas company has the market power.

Rahul Sunny answered 1 year ago

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