Use the three conditions for monopolistic competition: (1) a large number of producers, (2) differentiated products, and (3) free entry and exit, to decide which of the following firms are likely to be operating as monopolistic competitors. If they are not monopolistically competitive firms, are they monopolists, oligopolists, or perfectly competitive firms? a. A farmer who produces soybeans b. A local band that plays for weddings, parties, and so on c. Fruta Vitals, a producer of fruit juices

Use the three conditions for monopolistic competition: (1) a large number of producers, (2) differentiated products, and (3) free entry and exit, to decide which of the following firms are likely to be operating as monopolistic competitors. If they are not monopolistically competitive firms, are they monopolists, oligopolists, or perfectly competitive firms? a. A farmer who produces soybeans b. A local band that plays for weddings, parties, and so on Fruta Vitals, a producer of fruit juices C