What is an example of industry that follows the business definition of "perfect/pure competition" and of "monopolistic competition"? Links to newspaper articles would be nice.
Question
#73473. Asked by InflectionPt. (Dec 18 06 6:42 PM)
zbeckabee
"The restaurant market in New York City provides a good example of a monopolistically competitive market. Each restaurant has its own recipes, decor, ambiance, etc. but also must compete with many other similar restaurants."
Agriculture is often cited as a good example of perfect competition. It is argued that there is only one pure form of perfect competition and that is the unskilled labor force.
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