Which of the following products is least likely to be sold in a monopolistically competitive market?

Question

BlackTom AI · Accepted Answer

Let's break down what monopolistic competition typically looks like and how each product fits that idea.
Option 1: Video games. This market features many firms selling differentiated products (different game titles, genres, platforms), so it aligns with monopolistic competition characteristics.
Option 2: Cotton. Cotton is a highly standardized, homogeneous commodity with little differentiation across suppliers, which is more characteristic of perfect competition than monopolistic competition.
Option 3: Beer. Although there are many brands, beer is often differentiated by brand, taste, packaging, and marketing, fitting the monopolistic competition pattern of many firms selling differentiated products.
Option 4: Breakfast cereal. Cereals are distinguished by flavors, branding, and varieties, which is typical of monopolistic competition where products are differentiated.
In summary, the presence of strong product differentiation in options 1, 3, and 4 matches monopolistic competition, whereas cotton's uniform, undifferentiated nature makes it least likely to be sold in a monopolistically competitive market.

Which of the following products is least likely to be sold in a monopolistically competitive market?

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