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Which of the following is most likely a monopolistically competitive market? a) Lobsters b) Blue jeans...

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

a) Lobsters

b) Blue jeans

c) Segway scooters

d) Commercial aircraft

please explain the answer!

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Answer #1

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From the following options B. Blue jeans represents a monopolistically competitive market. Monopolistic or imperfect competition can be defined as a market where there is perfect competition but there is also presence of a large variety which would allow the differentiation in the product ranges. This is the reason different brands exist. They are all selling blue jeans but different brands have different variety of blue jeans.

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