The Soda industry is a perfect example of a Monopolistic Competition. This is because this is an industry that has differentiation in their products. Take Pepsi and Coke for instance they are similar but are distinguished as 2 different goods in the market. Also to go into the soda industry has very few barriers.
The ACS 1-year data shows the median family income for Springfield was $74,517 in 2015. Compared to the median Illinois family income, Springfield median family income is $633 higher. As with the median household income data, 2016 family income data for Springfield will be released in September of 2017.
COST OF LIVING OVERVIEW : Our cost of living indices are based on a US average of 100. An amount below 100 means Springfield, Illinois is cheaper than the US average. A cost of living index above 100 means Springfield, Illinois is more expensive. Springfield, Illinois cost of living is 83.30. Housing is the biggest factor in the cost of living difference.