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Nigel Watson of St Catherine's School, Guildford, considers the nature of competition in a market within the service sector of the economy.
Summary of key points
* The Indian restaurant market appears to meet the requirements to be called a monopolistically competitive market.
* This market is generally characterised by many suppliers (due to ease of entry) who try to differentiate their product offering.
* In some particular parts of the UK local Indian restaurants may be close to the market structure of a monopoly supplier.
PDF format: 4 A4 pages. First published in Economics Today magazine September 2007.
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