Asked by Taylor Whitworth on May 30, 2024
Verified
Monopolistic competition is often found in service industries.
Service Industries
Sectors of the economy that provide intangible products such as healthcare, education, and financial services.
- Acquire knowledge on the principle of monopolistic competition and discern its distinctions from various market configurations.
Verified Answer
JS
Jonathan SanchezMay 30, 2024
Final Answer :
True
Explanation :
Monopolistic competition is characterized by many firms in an industry selling products that are slightly differentiated from one another. This situation is commonly found in service industries such as restaurants, hair salons, and hotels.
Learning Objectives
- Acquire knowledge on the principle of monopolistic competition and discern its distinctions from various market configurations.
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