Competitive Markets: Identifying them
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Of the following forms of competition, identify an example of a product or service (the company) and a respective industry for that form of competition.
The four forms of competition are:
- monopolistic competition
- pure competition
- oligopoly
- monopoly
Also consider how would identifying the type of competitive market be useful to a business?
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Solution Summary
This posting gives you a step-by-step explanation of the structure of markets. The response also contains the sources used.
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Step 1
- Monopolistic competition: In this form of competition there are many producers that sell products that are differentiated from one another. The products are differentiated with the help of quality and branding. One example is Kellogg's cereals, in the cereal industry. Another example is the restaurant industry.
- Pure competition: In this form of competition there is no single participant who is so large as to have the market power ...
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