Problem
1. Think about the markets for cable television service, wheat, athletic shoes, soda, toothbrushes, and ready-mix concrete. Which of these markets are examples of monopolistic competition? Explain your selections.
2. The four-firm concentration ratio for audio equipment makers is 30 and for electric lamp makers is 89. The HHI for audio equipment makers is 415 and for electric lamp makers is 2,850. Which of these markets is an example of monopolistic competition?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.