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    Monopolistic competition

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    Explain why the following is an example of monopolistic competition: There are a number of fast-food restaurants in town, and they compete fiercely. Some restaurants cook their hamburgers over open flames. Others fry their hamburgers. In addition, some serve broiled fish sandwiches, while others serve fried fish sandwiches. A few serve ice-cream cones for dessert, while others offer frozen ice-cream pies.

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    Restaurants are a perfect example of monopolistic competition. Under this market structure, firms are constantly trying to ...

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    The solution does a superb job of laying out step by step explanation to the problem. The solution is very well explained and uses detailed steps to explain the answer. The solution can be followed by anyone with a basic understanding of the concepts. Overall, an excellent response.