a. The restaurant industry is ... "one of the most visible examples of monopolistic competition." Explain ..

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Lelia LubowitzLv2

5 Oct 2018

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Related questions

1. Which market structure is characterized by a few interdependent firms?

A) Monopoly.

B) Perfect competition.

C) Monopolist competition.

D) Oligopoly.

2. The correct ranking (put in order) of the degree of market power (from highest to lowest) is

A) Monopoly, monopolistic competition, perfect competition, oligopoly

B) Monopoly, monopolistic competition, oligopoly, perfect competition.

C) Monopoly, oligopoly, monopolistic competition, perfect competition.

D) Oligopoly, monopoly, monopolistic competition, perfect competition.

3. The term monopolistic competition

A) is an alternate expression for monopoly

B) is used to describe perfect competition with strong entry barriers.

C) denotes an industry with one seller of many differentiated products

D) denotes an industry with many sellers of differentiated products.

ceruleanseal203

Question: The four kinds of free-market competition are perfect competition, monopolistic competition, oligopoly, and monopoly. The following list contains various examples of industries, products, and services. For each, decide on its degree of competition by indicating one of these: perfect competition (PC), monopolistic competition (MC), oligopoly (O), or monopoly (M).

1. Wireless service provider
2. Printed newspaper
3. Streamed online or tv movies
4. Commercial banks
5. Makers of laundry detergent (Procter & Gamble and Unilever have most of the market share)
6. Tomatoes and corn
7. Airliner market (Boenig and Airbus)
8. Online schools
9. Viagra (Patent expiration is 2019)
10. Energy drinks
11. Pet apparel
12. Toothpaste
13. Grapes and apples
14. Beer industry (Anheuser-Busch and MillerCoors control about 80%)
15. Television industry
16. Automobile industry

bronzesardine567

You decide to open a restaurant in your neighborhood serving Italian fusion food. What market is this restaurant most like to me in â oligopoly or monopolistic competition and why? What do you believe the long term prospects are for profits and survivability of your eatery?