Question

There's a large number of bakeries in the United States and each of these bakeries produces similar, but not identical, products. Some bakeries will claim to have the best cupcakes in town, while others specialize in breads or cookies. The bakery market is an example of

Answer 1

The bakery market is an example of monopolistic competition.

What is  monopolistic competition?

A monopolistic competition is competitive market. Monopolistic competition can be defined as the way in which companies selling different products or goods compete against one another.

Despite the product produce by this companies are unidentical product, they still compete against each other as some of them will claim to have the best product than the other companies in the market.

Inconclusion the bakery market is an example of monopolistic competition.

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