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Economics Model Answers Nine - 2013 (view source)

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:1) Monopolistic Competition 2) Perfect Competition 3) Monopoly
 
:1) Monopolistic Competition 2) Perfect Competition 3) Monopoly
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:Explained by a student (CM):  It is Monopolistic Competition because the hair dresser offers a differentiated product that is not a perfect substitute. 2. It is Perfect Competition because the prices are driven very low because there are probably a lot of substitutes and rival firms. 3. It is a Monopoly because the prices are able to increase substantially due to the lack of perfect substitutes and rival firms.
    
4. List how monopolies can be established.
 
4. List how monopolies can be established.
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