Find solutions to your problems with the help of IDNLearn.com's expert community. Our community is here to provide the comprehensive and accurate answers you need to make informed decisions.
Sagot :
In San Francisco, there are many restaurants that specialize in a wide variety of cuisines. Patronage at these restaurants is influenced by factors such as tastes, price, and location. This market is option (b) i.e, monopolistically competitive.
What is monopolistically competitive?
An industry with a lot of companies offering similar (but not identical) replacement goods or services is known as one with monopolistic competition. In a monopolistic competitive industry, there are few barriers to entry and exit, and no firm's decisions directly affect those of its rivals.
Monopolistic competition is characterized by a number of features.
- slight variations in the goods and services,
- Free access to the market and exit
- many businesses
- Profits from incomplete consumer knowledge
Consumer electronics, apparel, restaurants, and hair salons are a few examples of industries with monopolistic competition. Each business delivers goods that are comparable to those of other businesses in the same sector. They can, however, set themselves out through branding and marketing.
To know more about monopolistic competition refer to: https://brainly.com/question/13686157
#SPJ4
We appreciate your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Discover the answers you need at IDNLearn.com. Thank you for visiting, and we hope to see you again for more solutions.
