Respuesta :
The fast-food industry is the best example of monopolistic competition
What is a monopolistic competition?
Monopolistic competition is a sort of market structure in which numerous businesses are present in a given sector and make comparable but distinctive goods. None of the businesses has a monopoly, and they all run their own businesses without taking into account what other businesses are doing. The way the market is set up results in a type of unfair competition.
Monopolistic competition has the following characteristics:
The existence of numerous businesses each business creates things that are comparable but different.
Companies do not accept prices.
Free admission and exit from the sector
Businesses compete on the basis of the goods' quality, cost, and marketing strategy
Hence, Companies engaged in monopolistic competition generate economic profits in the short term, but not over the long term.
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