This is a class question that needs to be answer with at least 150 words. I would like it explain in your own words, but if not please cite-in-text with reference. No Plagiarism

Most of the markets that we usually encounter are either monopolistically competitive markets or oligopolies. If you take a product like bar soap, it falls under monopolistic competition. why? What are the characteristics of a monopolistically competitive industry?

Any thoughts or comments?