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.