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.
A general summary of the cost of living index in Springfield, IL is shown above. Compared to the state average of Illinois the cost of living index in Springfield, IL is 89, which is 10% lower than the average in Illinois and compared to the national average it is 11% lower than. The cost of living index is made up of several categories.