What are one example of a monopolistically competitive firm, oligopoly, and monopoly in your local area? In your example, please relate to the market characteristics of each of the market structures?
a) Monopolistically competitive firm, an example of it is A coffee shop. There are many such shops all selling a differentiated goods that are close substitute of each other. All have some control over the price that makes it monopolistic competitive.
b) Oligopoly = Airline services, here, the goods are very much the same =, it is differentiated by the advertisement and there are only a few large sellers in the market catering to the whole market.
c) Monopoly = US railway. There is only a single service provider and no close substitute of the railway services.
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