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.
The current median household income for Springfield is $57,824. Real median household income peaked in 2008 at $58,952 and is now $1,128 (1.91%) lower. From a post peak low of $54,043 in 2011, real median household income for Springfield has now grown by $3,781 (7.00%).