Classify the following firms by the type of industry they are most likely to belong to: monopolistic competition, monopoly, or a competitive market.
Part 1
A farmer who grows alfalfa sprouts.
Part 2
The company that provides cable service to your community.
Part 3
A fast-food outlet such as Papa John's. competitive
Homework Answers
1) Solution: competitive market
Explanation: Under the competitive market there are many firms who produces the identical products such as alfalfa sprouts
2) Solution: monopoly
Explanation: The cable providers at the local level are monopolized as they are the only supplier in the area, thus have an entire market control and complete power in market
3) Solution: monopolistic competition
Explanation: As there are fast-food outlets that sell similar however not identical products thus will be categorised as monopolistic competition
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