Which of the following is the best example of a monopolistically competitive industry?
A) land-based long distance telephone service
B) wheat farming
C) the local electricity producer
D) manufacturing of shirts
E) cable television

Question

Quizplus · Accepted Answer

Manufacturing of shirts is the best example of a monopolistically competitive industry because it involves many firms that sell products that are similar but not identical, allowing for product differentiation. This is a key characteristic of monopolistic competition.

Which of the Following Is the Best Example of a Monopolistically