1Final PaperNameInstitutionInstructorCourseDate2Monopolistic competitionThe market type that closely resembles the concierge service industry within the city ofCorktown in Detroit, Michigan, is monopolistic competition.There are key characteristics that I have observed in the concierge service industry thatindicates that the related market type for the industry is a monopolistic competition. To beginwith, monopolistic competition is a type of competition that embodies various industries that arewell-known to consumers in their day-to-day lives. Monopolistic competition is a form ofimperfect competition where many producers sell products or services that are differentiatedfrom each other as goods or services, however, not perfect substitutes (Rice University, n.d.). Inthis competition, a firm takes the price of its competitors charge as given and overlooks theeffect of its own prices on the prices of other rivals.A key characteristic that identifies the concierge service industry as a monopolisticcompetition is the number of producers and consumers. Within this industry, there are manyproducers and consumers hence, the low industry concentration ratio (Rice ...
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