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.
Illinois Income and Careers. As of 2010-2014, the per capita income of Illinois is $30,019, which is higher than the national average of $28,555. Illinois median household income is $57,166, which has grown by 22.70% since 2000. The median household income growth rate is lower than the national average rate of 27.36%. On average Illinois residents spend 28.6 minutes per day commuting to work, which is higher than the national average of 25.7 minutes.