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Nike, Adidas, and Under Armour are going against each other in sport brands.

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Chart shows Monopolistic competition

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Higher Prices
Advertising can have negative impacts on consumer sovereignty.

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No significant barriers to the entry. Meaning markets are relatively contestable.
More efficient than monopoly but less efficient than perfect competition.
Consumers are becoming more knowledgable of their products

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https://youtu.be/2U6vKwAAmqY
Tells us the evolution in Nike and how it has become popular ever since it has been around. Nike got it’s name from swoosh like in sports. Phil Knight the founder reached a deal with a Japanese shoe company “Ontisuka Company” allowing him to distribute Tiger running shoes in Western US.

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Nike is an example of monopolistic competition because they have an aspect missing of perfect competition because their products are not exactly like their competitors Under Armour and Adidas.