What is the market structure of shops selling sports shoes in Hong Kong? List three ways of competition among firms under this market structure?
Question
What is the market structure of shops selling sports shoes in Hong Kong? List three ways of competition among firms under this market structure?
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Solution 1
The market structure of shops selling sports shoes in Hong Kong can be classified as monopolistic competition. This is because there are many sellers (Nike, Adidas, New Balance, etc.) selling differentiated products, i.e., sports shoes with different designs, features, and brand images.
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