Question

hich scenario is an example of an industry in monopolistic competition? Sprint, AT&T, Verizon, and T-Mobile own a large portion of the U.S. cellular market share. Farmers grow navel oranges throughout the United States. The local gas company owns all of the gas lines that supply natural gas and heating to the residents in the town of Madison, Wisconsin. Within walking distance from your home, there are a plethora of fast-food restaurants including Koala Express, Cabo Bob's Burritos, Oodles of Noodles, and Hanz's Hearty Hamburgers.

Answer 1

Answer:

Within walking distance from your home, there are a plethora of fast-food restaurants including Koala Express, Cabo Bob's Burritos, Oodles of Noodles, and Hanz's Hearty Hamburgers.

Explanation:

Monopolistic competition refers to a market where there are a large of suppliers that offer differentiated products to a large number of consumers. The restaurant industry are the most common example of monopolistic competition.

The other options are wrong:

Sprint, AT&T, Verizon, and T-Mobile own a large portion of the U.S. cellular market share. OLIGOPOLISTIC MARKET (FEW SUPPLIERS AND MANY CONSUMERS)

Farmers grow navel oranges throughout the United States. PERFECT COMPETITION (MANY SUPPLIERS AND MANY CONSUMERS THAT SUPPLY SIMILAR PRODUCTS)

The local gas company owns all of the gas lines that supply natural gas and heating to the residents in the town of Madison, Wisconsin. MONOPOLY, ONLY ONE SUPPLIER AND MANY CONSUMERS