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.
Springfield is located at 39Â°41â²54â³N 89Â°37â²11â³Wï»¿ / ï»¿39.69833Â°N 89.61972Â°Wï»¿ / 39.69833; -89.61972 (39.6983146, -89.6195900). The city is at an elevation of 558 feet (170 m) above sea level. Located within the central section of Illinois, Springfield is 90 miles (140 km) northeast of St. Louis. The Champaign/Urbana area is to the east, Peoria is to the north, and BloomingtonâNormal is to the northeast. Decatur is 40 miles (64 km) due east.