Which of the Following Most Closely Approximates the Conditions of Monopolistic

question 7

Multiple Choice

Which of the following most closely approximates the conditions of monopolistic competition?

• A) The market for Grade A sorghum (milo), which is characterized by many firms producing a homogeneous product
• B) The restaurant industry, which is characterized by many firms producing differentiated products in an industry with free entry and exit
• C) A cable television service, where a licensed supplier competes with firms offering satellite service
• D) The market for jumbo aircraft, where one major domestic firm competes with one major foreign firm
• E) The tobacco market, which is characterized by a few firms producing a differentiated product with difficult entry

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