A-level Paper 1, June 2019Markets and Business Behaviour
A-level Paper 1, June 2019, Q3(a)
The UK hair and beauty industry is an example of monopolistic competition because:
Multiple choice1 mark
Context
According to the Royal Mail, more hair and beauty salons opened on UK high streets last year than any other type of independent business, with a net increase of 10%, representing 626 new salons.
Afirms spend nothing on advertising and research
Bthe industry is dominated by a few large firms AR=D
Cthe products are homogenous
Dthere are low barriers to entry and exit Quantity
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