mention one example for each of the following market structures.


monopolistic competition

Monopoly: Monopoly consists of only one seller or firm. This single firm caters to the needs of a large number of buyers. One of the examples of monopoly that is prevalent in India is the railways.

Monopolistic Competition: Monopolistic market structure is defined as the market structure in which there are different sellers selling differentiated products, which are close substitutes for each other. One of the examples of monopolistic competition can be the market for toilet soaps. In this market differentiated products are available under different brand names such as Lux, Rexona, Cinthol, etc. and are close substitutes of each other.

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