Question

Give two examples of products sold in perfectly competitive markets and two examples of products sold in monopolistically competitive markets.

Answer 1

Apples and oranges are perfectly competitive products, while Ralph Lauren cologne and Maybelline cosmetics are monopolistically competitive products.

Perfectly Competitive Markets and Monopolistically Competitive Markets

A perfectly competitive can be described as a market in which there are many buyers and sellers, no transaction costs, no barriers to entry and leave, homogeneous products, no market control by a single firm, and perfect information about the price of a good.

Two examples of products sold in perfectly competitive markets are Apples and oranges.

A monopolistically competitive market is one in which several producers compete against one another, yet sell items that differ from one another and are thus not perfect substitutes.

Two examples of products sold in monopolistically competitive markets are Ralph Lauren cologne and Maybelline cosmetics.

Learn more about perfectly competitive markets and monopolistically competitive markets here: brainly.com/question/7024827.