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The fast-food, bottled water, and cereal markets are all examples of

The fast-food, bottled water, and cereal markets are all examples of

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Answer #1

Ans: Monopolistic Competition

Explanation:

A monopolistic competitive market has the following characteristics:

  • There are large number sellers.
  • Selling differentiated product
  • There is free entry and exit into the industry
  • Advertisement expenditure plays a major role in increasing sales volume
  • Each firm is a price maker of their product.

The market for fast-food, bottled water, and cereal has the above mentioned features. Because there is a large number of different brands available for these products. The taste of these goods is slightly different. Thus, the goods are differentiated.

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