An example of a monopolistically competitive industry is grocery stores.

Question

Quizplus · Accepted Answer

Grocery stores are an example of a monopolistically competitive industry because there are many different grocery stores that offer similar products and services, but they differentiate themselves through factors such as location, product mix, and customer service. This allows them to have some control over their pricing and market share, but they still face competition from other stores in the industry.

An Example of a Monopolistically Competitive Industry Is Grocery Stores