Answer to Question #318036 in Macroeconomics for Javas

Question

Examine the markets and/or industries in your area.

Describe each one, and categorize it in terms of being pure competition,

pure monopoly, monopolistic competition, or oligopoly.

Which type of market is most common? How do you explain this?

Answer 1

• The most common market is my location is monopolistic competition. There are many companies offering similar products that can be substituted, but also different from one another. New companies in my location find it easy to enter the market. Monopolistic competition are common due to few barriers to entry and also because they offer opportunities for innovation.