Monopolistic competition is a market structure that is present in many industries, such as restaurants, running shoes, and the restaurant industry. In this type of market, there are several brands that offer similar products and services, but each brand has its own unique features that allow them to charge different prices than their competitors. For example, when it comes to fast food restaurants, Burger King and McDonald's are two of the most popular chains that target a similar market. They both offer similar products and services, but each one has its own unique features that set them apart from the other.
This allows them to charge different prices for their products and services. The same can be said for the running shoe industry. There are several brands such as Adidas, ASICS, and Nike that all compete with each other for customers. However, each brand has its own unique features that allow them to charge different prices than their competitors.
Companies can increase some of the functions of their products and charge the consumer accordingly for the new function. In addition to this, companies that participate in monopolistic competition often emphasize “having no price differences” to promote their products. This is often done through the support of NBA superstars. For example, Kobe Bryant supports and dresses Nike while Dwight Howard supports and dresses Adidas.
The restaurant industry is another example of a monopolistically competitive market. There are many restaurants throughout the country that offer similar products and services but have their own unique features that set them apart from the other restaurants.