The Intricacies of Monopolistic Competition: a Dive into the Restaurant Industry
Words: 539 1694Markets, in their many forms, dictate the ebb and flow of economic landscapes. One such intriguing market structure is monopolistic competition—a blending of perfect competition and monopoly. Unlike a pure monopoly where one company dominates or perfect competition where numerous companies sell identical products, monopolistic competition is characterized by several firms selling differentiated products. And where better to witness this than in the ever-evolving restaurant industry? The restaurant sector is a prime example of monopolistic competition at work. In most […]