Answer
a) perfect competition
b) perfect competition
c) monopolistic
d) monopolistically competitive
e) monopolistically competitive
Work Step by Step
a) There are multiple firms selling identical products, so this is a perfect competition.
b) There are multiple firms selling identical products, so this is a perfect competition.
c) There is one firm for local electricity service, so that firm is a monopoly.
d) There are differentiated varieties of peanut butter, and there are many firms competing for consumers.
e) There are differentiated varieties of lipstick, and there are many firms competing for consumers.
