Which of the following is the best example of a monopolistic competitive market?
A) diamonds
B) produce
C) restaurants
D) milk

Question

Quizplus · Accepted Answer

Restaurants are the best example of monopolistic competition as there are numerous restaurants in the market selling similar but differentiated products. Each restaurant offers a unique menu, ambiance, and experience, which differentiates it from the competition. Furthermore, barriers to entry are relatively low in the restaurant industry, allowing for new businesses to enter the market and compete with established restaurants.

Which of the Following Is the Best Example of a Monopolistic