Which of the following is most likely produced in a monopolistically competitive market?

Question

Which of the following is most likely produced in a monopolistically competitive market?​

Quizplus · Accepted Answer

Fast food is most likely produced in a monopolistically competitive market because there are many different restaurants offering slightly differentiated products, such as different menus or branded items. This allows for some market power and differentiation, but there is still competition and low barriers to entry. Soybeans and oil are typically produced in monopolistic markets, with a few dominant firms controlling the majority of the market. Autos are produced in oligopolistic markets, with a few large firms dominating the market. Local phone service is typically produced in a regulated or natural monopoly market, with only one or a few providers due to high fixed costs and infrastructure requirements.

Which of the Following Is Most Likely Produced in a Monopolistically