Determine whether the markets, businesses, or products listed below belong in a

(a) American Eagle is a monopolistically competitive market (b) Burger king is a  monopolistically competitive market (c)Merck's cholesterol-fighting drug is a monopoly market (d)your local electric company is a monopoly market. (e) a farmer who grows corn is a competitive market

Explanation:

Solution

American Eagle : It is Monopolistic Competitive. There are many firms which is of one of the number of clothing and accessories retailers in the market where no business have total control over market.

Burger king:This is a  monopolistic competitive market as there are many producers who sell same product but they are differentiated by branding.

Merck's cholesterol fighting drug: This is a monopoly market  as there is one firm that produce this drug .

Local electric company: It is a  monopoly market as it is owned by a local loop where it is the only source for the particular locality

The stock market: It is a  competitive market as there are large number of producers who want to earn profits .Here the market prices varies depending on competition .

A farmer who grows corn: It is a competitive market because there are so many people who grows corn and sell in the market.Here the market prices varies depending on competition